While the Cardano price seems more bullish today, boasting a 3.68% gain, this momentum seemingly lacks the conviction seen earlier this month, bringing bullish projections to a halt.
This has translated to heightened volatility on the weekly. In a step back from the significant ground covered in the early week, the top-ranking altcoin now trades within a tight range, though it still retains an 8.83% gain.
This stagnancy is all the more apparent looking at the altcoin’s trading volume, which has hit a ceiling at $1.6 billion, increasing just 0.67% today.
Cardano Price Analysis: Could a “Santa Rally” Be in Play?
The stagnancy in Cardano’s price action could be attributed to a bullish pennant pattern that has been forming since early November.
ADA / USDT 1D chart, bullish pennant pattern. Source: Binance.While the Cardano price has been constrained by its upper resistance, it now nears its confluence point, suggesting an imminent breakout.
If this pattern materializes, it would set Cardano on a breakout path targeting $2 running into 2025, representing an 80% advance on current prices.
However, barriers still remain. Although the Relative Strength Index (RSI) maintains a neutral but bullish position at 57, the MACD line remains below the signal line, indicating that control still lies in the hands of the bears.
To achieve this breakout, Cardano will need a significant increase in trading volume and broader market support to overcome these technical challenges.
A potential “Santa Rally,” a phenomenon where asset prices tend to rise ahead of Christmas Day, could bring the momentum Cardano needs.
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The post Rare Chart Pattern on Cardano – Could This Signal a Massive ‘Santa Claus Rally’? appeared first on Cryptonews.
