On both the USDT and BTC trading pairs, Cardano‘s price has been fluctuating within a broad range. Yet, based on the current market trends, it seems we may be approaching a significant upward push very soon.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
As I analyze the USDT pair’s chart, I’ve noticed that the asset has been treading horizontally within a bullish flag formation following its rejection at the significant $1.2 mark in December. This pattern suggests potential continuation of the uptrend once it breaks out from the current range.
Even though the market briefly dipped towards a potential support at $0.75, it didn’t fully reverse its direction downward. The Relative Strength Index (RSI) moving above 50% now suggests a bullish momentum, which could potentially trigger a surge past the flag and reach levels beyond $1.2 in the near future.
The BTC Paired Chart
Regarding the ADA/BTC pair, we’re seeing very much alike market behavior. So far, the market hasn’t managed to breach the 1500 SAT resistance point, but it’s been fortified by the 900 SAT support area, which has stopped potential steeper drops on multiple occasions.
With the price gradually returning to a bullish state, ADA will potentially appreciate against BTC in the coming weeks, as it targets the 1500 SAT mark.
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2025-01-15 16:06