Cardano price pulled back today, July 25, continuing a trend that started on Monday when it peaked at $0.9305. This decline has coincided with the ongoing crypto market crash. Still, ADA Price may be on the verge of a breakout as the anticipation of the Glacier Airdrop mounts and a bullish pattern forms.
Cardano Price Rare Pattern Signals a Potential Rebound
The daily timeframe shows that the Cardano price made a strong bullish breakout on July 3 as Bitcoin and most altcoins surged. It crossed the descending trendline that connected the most significant swings since December last year.
And most importantly, it invalidated the descending triangle pattern whose lower side was at $0.5585. A falling triangle is one of the most common bearish continuation patterns in technical analysis.
Cardano price has now formed the golden cross pattern, which happens when a short-term moving average moves above a longer-term one. In this case, it the 50-day exponential moving average has jumped above the 200-day day one.
A golden cross is a highly popular sign of a bullish continuation. For example, ADA price surged by over 110% within weeks after it formed it in November last year.
Therefore, a bullish breakout will bring the next key target at $1.3258, the highest point in November last year. This target is about 65% above the current level.
The bullish ADA price prediction 2025 will become canceled if the coin drops below the golden cross point at $0.7o. If this happens, it will increase the probability of the coin falling to the lower side of the descending triangle at $0.5585.
Glacier Airdrop to Boost ADA Price
The most important catalyst for the ADA price is the potential crypto market bull run, led by Bitcoin. An eventual Bitcoin price recovery to its a new all-time high will push other cryptocurrencies higher.
Cardano price will also benefit from the upcoming Glacier Airdrop. This is an important part for Cardano as its holders will receive NIGHT tokens, which they can redeem for cash. Holders of other coins like XRP, ETH, BTC, and BAT will also receive some of the NIGHT tokens.
In a statement, Cardano noted that the claiming stage of the aidrop will last 60 days. The Scavenger Mine and the Lost and Found stage will then follow.
In the scavenger phase, all the unclaimed tokens will be apportioned between participants, core network users, and those in the third claim phase. The final stage will happen after the Midnight mainnet launches.
Cardano aims to make Midnight the largest layer-2 network in the cryptocurrency industry. It pegs its hopes on users being comfortable with it because of its zero-knowledge features.
Summary
Cardano price has rebounded in the past few days and this trend may continue after it formed a golden cross on the daily chart. The rally will be supercharged before the Glacier airdrop that will see users receive 80% of the NIGHT tokens.
Frequently Asked Questions (FAQs)
The most likely Cardano price forecast is bullish as it as formed a golden cross-like chart pattern on the daily chart. It will also benefit from the upcoming Glacier airdrop.
This airdrop will see the NIGHT tokens distributed to holders of tokens like ETH, BAT, and Cardano.
The NIGHT aidrop will happen later this year, possibly in the third quarter.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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