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Cardano (ADA), the eighth largest cryptocurrency by market capitalization, continued its recovery on Thursday, following a precipitous dip on Tuesday that saw the crypto asset reach lows of $0.56.
The cryptocurrency market recovered amid persistent speculation that the U.S. Securities and Exchange Commission might be close to approving an exchange-traded fund that invests directly in Bitcoin.
According to Santiment, MicroStrategy’s recent $615 million Bitcoin buy might have sparked euphoria among traders. Santiment observes that MicroStrategy’s recent purchases and encouraging news about the company might have contributed to bullish market activity.
Cardano has continued to benefit from the market’s bullish surge, rising 7.77% in the last 24 hours to trade at $0.65 at press time, outperforming all except BNB among the top 10 cryptocurrencies by market value.
Cardano reached intraday highs of $0.678 in today’s trading before falling marginally, extending the recovery from Tuesday’s loss.
Room to climb further?
Regardless, Ali, a crypto analyst, believes that Cardano might still have room to climb further, citing a bullish pattern on its four-hour chart.
According to Ali, Cardano is shaping up a symmetrical triangle on its four-hour chart. A symmetrical triangle chart pattern denotes a period of consolidation before a price breakout or breakdown.
In the event of a breakout, Ali anticipates that such a move might set the stage for ADA to rally toward $0.78. If this plays out, it may yield a 20% gain based on current prices.
Positive fundamentals might support this narrative since there is much to look forward to from the Cardano ecosystem in 2024. The Chang hard fork, Cardano’s first major technological milestone, is expected in 2024.
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