Cardano ADA Falls 3.7% Amid Volatility But Analysts Target $1.60 Breakout

Cardano’s ADA token fell 3.7% in the past 24 hours, dropping to $0.795 on July 29 amid broader crypto market volatility. Despite the decline, analysts remain optimistic about a potential upward shift in price. ADA is currently forming a symmetrical triangle on the daily chart, a pattern that often precedes a breakout. If buyers push the price above the triangle’s resistance level, ADA could rise toward $1.40 or even $1.60 in the near term [1].

Crypto analyst Crypto King highlighted the significance of the pattern, noting that the token is nearing a critical resistance level. He emphasized that the current price structure remains bullish, provided market buyers gain control. A successful breakout, according to his analysis, could result in strong upward momentum and potentially drive the token toward historical highs [1].

Long-term optimism is also coming from the project’s founder, Charles Hoskinson. He recently stated that ADA has the potential to outperform Bitcoin in percentage gains, citing its superior utility and scalability compared to the leading cryptocurrency. Hoskinson’s remarks add to the narrative that ADA is positioned for exponential growth [1].

Meanwhile, over $6 million in leveraged long positions have been liquidated in the past two days. This unwinding of long exposure has eased short-term selling pressure and could lead to more stable price action. Analysts believe that the reduced leverage decreases the risk of forced selling, which may support a sustainable price increase [1].

As ADA continues to consolidate within the triangle pattern, the focus remains on whether buyers can push the price above the key resistance level. If the pattern completes with a bullish breakout, it could signal the start of a new upward trend for the token. On the other hand, a breakdown could extend the bearish momentum for now. Traders and investors are closely watching for signs of decisive market movement to determine the next phase of ADA’s trajectory [1].

Source: [1] Cardano Faces 3.7% Drop but Analysts Predict Rally to $1.60 (https://coinmarketcap.com/community/articles/688aeb3fbcf80b1dc7347d94/)