Cardano / EuroUpdated Cardano Targets New ATH Above $4
Cardano is preparing for the Plomin hard fork in January 2025, which aims to enhance governance and network infrastructure, further strengthening its position in the market. This bullish flag pattern could materialize due to its strong fundamentals, a continuously improving environment, positive sentiment driven by key events like the hard fork, and potential momentum from an upcoming altcoin bull run. If these conditions align, ADA has a high probability of reaching a new all-time high (ATH).
For this bullish flag pattern be positive and work, the price would need to break above the upper resistance of the channel, accompanied by a significant increase in trading volume. This breakout could be triggered by a decline in Bitcoin Dominance, which could lead to capital flowing into altcoins. A broader altcoin bull run would significantly boost the chances of ADA reaching new highs. As I mentioned, Cardano’s ongoing fundamental developments, such as the Plomin hard fork this January, major network upgrades, or mass adoption of its technology, could attract increased investor interest, increasing this possible ATH
BTC.D = 57.92% (uptrend)
ALCOIN = 65.54% (downtrend)
For this bullish flag pattern be positive and work, the price would need to break above the upper resistance of the channel, accompanied by a significant increase in trading volume. This breakout could be triggered by a decline in Bitcoin Dominance, which could lead to capital flowing into altcoins. A broader altcoin bull run would significantly boost the chances of ADA reaching new highs. As I mentioned, Cardano’s ongoing fundamental developments, such as the Plomin hard fork this January, major network upgrades, or mass adoption of its technology, could attract increased investor interest, increasing this possible ATH
BTC.D = 57.92% (uptrend)
ALCOIN = 65.54% (downtrend)
Trade active
The false breakout from January 16th has played out and fallen, but the price still remains within the channel. There is a potential minimum target of $0.72, but everything is still within the structure of the bullish flag pattern. This analysis remains valid, and we’ll see how it develops in the coming days.Order cancelled
Although I believe this bull run will be very beneficial for ADA, we must discard this analysis and reassess the new market conditions, as BTC has dropped, nearly touching 90K and dragging all altcoins down with it. Today, BTC.D has risen to 61.93%, while Total3 has fallen to 843.97B.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.