[ccpw id="39382"]

HomeCrypto NewsMarketCardano Price Eyes $0.555 as Symmetrical Triangle Pattern Takes Shape

Cardano Price Eyes $0.555 as Symmetrical Triangle Pattern Takes Shape

Date:

Written By:

Follow Us On

Cardano price action forms a symmetrical triangle pattern, signaling potential price movement amid mixed network activity.

Over the past four months, Cardano has faced a significant price drop, falling by more than 30%. This has drawn attention from market observers, especially as the broader crypto market waits for upcoming decisions from the Federal Reserve.

Amid this decline, recent analysis suggests potential scenarios for Cardano’s price movements, considering the possible effects of Federal Reserve rate cuts.

- Advertisement -

Symmetrical Triangle Signals Shift in Cardano Price

Dan Gambardello, founder of Crypto Capital Venture, has analyzed Cardano’s chart, identifying a symmetrical triangle pattern that indicates consolidation. 

The chart highlights two possible outcomes: a bearish breakdown or a bullish breakout. While a breakdown might send Cardano’s price toward $0.275, the chart notes that this could be a “fake breakout” and that the move could reverse to the upside. The potential bullish breakout may push the price toward $0.555, driven by broader market conditions.

Drop in Address Activity 

Furthermore, data on Cardano’s address activity presents mixed signals about the network’s future. While new addresses have increased by 2.99% in the past seven days, active addresses have dropped by 3.06%, indicating lower transaction volume and participation. 

ADA Address Activity / IntoTheBlock
ADA Address Activity | IntoTheBlock

At the same time, zero-balance addresses have risen by 3.57%, which suggests that more users may be withdrawing their holdings, possibly due to market uncertainty.

- Advertisement -

Despite the decline in active users, the increase in new addresses points to continued interest in the network, although it has not yet translated into higher activity. Notably, this combination of falling activity and rising withdrawals is consistent with the overall market downturn.

Cardano Network Development

Amid the price fluctuations, Cardano’s development efforts remain a focal point for the community. In a recent poll conducted by Rick McCracken, a figure in the Cardano community, members voted on two network improvement proposals. 

The majority favored the Leios protocol, receiving 56% of the vote, while only 7% supported the alternative Rust-based node proposal. These improvements aim to enhance the network’s speed, positioning Cardano to better compete with rivals like Solana.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Brenda Mary
Brenda Mary
Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction. She has developed expertise in technical analysis and price forecasting of breaking blockchain news. Additionally, she enjoys engaging in stock markets and investing in cryptocurrencies.

More from Author

Latest Stories

Guides