Cardano’s price action has shown signs of recovery after a recent dip, with the cryptocurrency bouncing from its lower support level. Over the past 24 hours, Cardano has gained close to 1%, reaching an intraday high of $0.7613. This small but notable rebound has drawn the attention of technical analysts, and an interesting analysis shows that the asset has been trading within a well-defined chart pattern for several months. Particularly, technical analysis of the Cardano/USDT daily timeframe chart shows that the cryptocurrency is trading within a triangle and could now be gearing up for a rally to $1.5. Triangle Formation Says Cardano Could Be Set For 100% Move A recent analysis on TradingView highlighted that Cardano has been trading within a triangle pattern on the daily timeframe since November 2024. The pattern is highlighted by a series of lower highs and higher lows, shaping a formation of converging lower and upper trendlines. The latest price decline saw Cardano drop from a high of $1.1747 before finding support at the lower boundary of the triangle at $0.647. Related Reading: Cardano Price Eyes Im ..
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