If buy orders continue to pile up, Cardano price could rise to $2.83
Cardano price looks poised to enter a new uptrend after breaking out of a consolidation pattern, fueled by solid fundamentals and increased buying pressure. At press time, ADA is changing hands at $2.26, and a slight increase is not significant.
ADA/USD 4-hour chart | Source: TradingView
Cardano price looks poised to break out, $2.8 in target
Cardano looks ready to run after breaking through a significant resistance barrier. It appears that Adana’s new partnership with Elrond could have encouraged investors to jump back into the market. Cardano’s decentralized stablecoin hub aims to make EGLD one of the first cross-chain assets to collateralize stablecoins on the platform by bridging both ecosystems. The goal is to enable interoperable token transfers and cross-chain smart contract functionality.
As the utility of the Cardano network expands, ADA seems poised to get more advanced. ADA price appears to have broken out of a symmetrical triangle on its 4-hour chart. Although the price has been up nearly 6% since the breakout, it still has plenty of room to rise. The height of the y-axis of the triangle suggests that ADA could rally another 19% from recent highs to reach its target of $2.83.
Cardano’s trading history shows that the asset has not encountered significant resistance that could prevent it from reaching its upside potential. The only significant supply area lies between $2.46 and $2.53, where nearly 70,000 addresses previously bought 1.12 billion ADA. Once this level is cleared, the price can move higher. Once this level is cleared, prices could make higher highs.
It is worth noting that Cardano is above the steady support as over 160,000 addresses bought 6 billion ADA at an average price of $2.2. The odds are likely to continue to tilt in favor of the bulls as long as this demand barrier remains. However, a sudden drop below $2.2 could lead to panic selling, pushing the price to $1.90.
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