Polkadot Targets $17 as Cardano Prepares for 40% Upside Move, Analyst Predicts

Two cryptocurrencies in particular have caught the attention of technical analysts: Cardano (ADA) and Polkadot (DOT). Both present interesting chart formations that suggest possible significant price movements in the near future.

Starting with Polkadot (DOT), the charts show a formation known as a “bull pennant,” as observed renowned cryptocurrency analyst Ali Martinez on January 25. For those unfamiliar, a bullish pennant is a chart pattern that usually indicates a continuation of an uptrend. It is characterized by a period of consolidation following an upward move, forming a converging triangle pattern.

The expectation is that after the pennant is complete, the price will resume its previous bullish trajectory. In the case of DOT, the analysis suggests a possible price target of $17. “Polkadot $DOT looks ready to break out of a bullish pennant, targeting $17!” the analyst wrote. At the time of publication, the price of DOT was quoted at $6,34 with a 2.1% decline in the last 24 hours.

Cardano (ADA) is exhibiting a different pattern: a “symmetrical triangle.” This pattern is characterized by converging trend lines forming a triangle. Unlike the pennant, the symmetrical triangle does not necessarily indicate a continuation of the previous trend and could result in either an upward or downward breakout. However, current analysis suggests a possible price movement of up to 40% for ADA, depending on the direction of the breakout.

“Cardano $ADA consolidates, awaiting 40% price movement while forming a symmetrical triangle!”, stated Martinez, in another technical analysis.

At the time of publication, Cardano’s price is trading at $0,9806, down 1.9% in the last 24 hours. As with DOT, it is crucial to closely monitor the market’s next moves to confirm the direction of the breakout and the validity of the projection.

It is worth remembering that, recently, the specialist highlighted that Cardano's correction is suggesting that the next bull cycle is potentially within weeks, with ADA price heading towards an impressive $6?