Cardano’s price has been range-bound this month, yet a scarce chart formation hints at a possible rebound. Currently trading at $1.06, ADA is nearly 20% off its 2024 peak. After November’s multi-year high of $1.327 during the bull run, it has declined in tandem with the market, as seen with Avalanche and Binance Coin. TVL in Cardano’s DeFi ecosystem has dipped, whale activity has waned, and futures open interest is down.
But short-term catalysts like Bitcoin’s rally and a potential 2025 ADA spot ETF could boost it. The daily chart reveals a bullish pennant pattern nearing its apex and a golden cross of key moving averages. This could lead to a breakout to $1.325, a 23% gain.
However, a dip below $1.00 would nullify the bullish scenario.
Additionally, the historical trend of a “Santa Claus rally” might further fuel the upward momentum, making investors closely watch Cardano’s price movements in the coming weeks, as it stands at a crucial juncture that could determine its near-term trajectory.
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