TLDR
- Cardano trades at $0.84, maintaining support above the $0.80 level with a market cap exceeding $30 billion
- Coinbase Cardano holdings increased 462%, rising from 1.7 million to 9.56 million ADA tokens
- Symmetrical triangle pattern suggests breakout potential with targets at $1.30, $1.90, and long-term projections to $3.37
- Key resistance levels sit at $0.96 and $1.02, while support remains at $0.80 and $0.75
- Bullish flag formation and ascending channel pattern support medium-term upside outlook
Cardano is currently trading at $0.84, down 1.48% over the past 24 hours. The token maintains its position above the critical $0.80 support level despite recent market volatility.
The $0.80 price point has served as a reliable floor for ADA. Buying activity returns each time the price approaches this level, creating a foundation for potential upside movement.
This support level has held firm through multiple tests in recent weeks. Market participants are accumulating positions during price pullbacks, maintaining the token within an ascending structure.
Exchange Holdings Show Institutional Interest
Recent data from Coinbase reveals institutional activity is increasing. The exchange’s Cardano reserves grew from 1.7 million ADA to 9.56 million ADA, representing a 462% increase.
Large-scale accumulation of this magnitude typically indicates institutional players are positioning ahead of anticipated price movement. Analyst Mintern noted that reserve growth of this scale rarely occurs without underlying sentiment shifts.
The institutional buying complements technical formations developing on Cardano’s price charts. ADA has been consolidating within a large symmetrical triangle pattern over several months.
Technical Breakout Levels and Price Targets
A move above $0.96 could initiate a rally toward $1.30. Extended momentum could push prices to $1.90 based on the triangle’s measured projection.
Analyst CW8900 highlighted $1.02 as the crucial threshold for sustained upside movement. This level aligns with previous resistance zones that limited ADA’s advance during the third quarter.
Breaking through $1.02 resistance could open pathways to $1.30-$1.50. Support levels at $0.80 and $0.75 provide clear downside boundaries for risk management.
Technical analyst Butterfly identified a bullish flag formation developing near its upper boundary. A breakout from this pattern projects targets of $1.50 with potential extension to $2.00.
The flag pattern indicates the accumulation phase may be transitioning toward expansion. This formation aligns with cycle-based forecasts for Cardano heading into 2025.
Long-Term Price Projections
Trader LourenƧo VS outlined an Elliott Wave count targeting approximately $3.37 during wave 3 of the current cycle. Wave 3 typically represents the strongest phase in bullish Elliott Wave patterns.
Price action continues within a broad ascending channel structure. This channel supports the bullish medium-term outlook provided the lower boundary maintains.
Cardano occupies an extended accumulation zone between $0.80 and $0.85. These consolidation phases often precede larger rallies as buyers absorb available supply.
Additional resistance levels above current prices include $1.10-$1.20 and $1.90. Breaking through these barriers would validate strengthening bullish momentum.
The market structure shows Cardano defending key support while institutional buyers expand their holdings. Coinbase now holds 9.56 million ADA based on the latest reserve data.
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