Cardano Breaks Out Of Falling Wedge Pattern, Analyst Predicts 70% Rally For ADA
2024年7月3日 - 4:00PM
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Cardano (ADA) has correlated with the broader market, experiencing
a retracement from its yearly high of $0.810 in March to as low as
$0.357 on June 22. However, ADA has now deviated from the struggles
of Bitcoin (BTC) and Ethereum (ETH), exhibiting a 2% increase in
the past 24 hours and over 12% in the past two weeks. Explosive
Rally For Cardano Intriguingly, technical analysts believe that ADA
could be on the verge of an explosive rally in the coming weeks,
potentially retesting its yearly high and setting the stage for a
surge above the $1 mark. Crypto analyst Captain Fabik points to the
confirmed Falling Wedge Breakout on ADA’s daily chart, with the
token surpassing the crucial $0.407 price mark on Tuesday.
Fabik predicts a bullish rally of approximately 70% for ADA in the
coming months, envisioning a price around $0.704, just below the
yearly high. Related Reading: Bitcoin Miners Slow Down Selling In
July, What This Could Mean For Price Echoing this sentiment,
optimistic users anticipate a solid bullish rally for
ADA, expecting a move toward the $0.80 mark shortly, citing the
formed Falling Wedge pattern. However, not all analysts share the
same level of bullishness. Crypto Bullet offers a more cautious
perspective. While acknowledging potential price increases for ADA,
Crypto Bullet does not foresee new all-time highs in this bull
cycle. Instead, Crypto Bullet suggests that the highest ADA
can reach during this cycle is the 0.786 Fibonacci level. The
analyst sets macro targets at $1.15 and $1.80, highlighting the
current gap of over 86% from ADA’s all-time high of $3.09 during
the 2021 bull run. Bullish Sentiment Surrounds ADA Cardano (ADA),
currently boasting a market capitalization of $14.6 million, shows
further technical indicators on its daily chart, suggesting a
bullish continuation of the current uptrend. Market expert Jesse
Olson highlights the pending buy signal on the daily chart of ADA,
accompanied by bullish targets set for the token. Indicators
signaling this bullish sentiment include a bullish divergence, a
buy signal on the Relative Strength Index (RSI), and a bullish
crossover on the Moving Average Convergence/Divergence Indicator
(MACD). Analyzing the chart, Olson predicts a continuous climb for
ADA’s price, initially targeting the $0.470 mark, followed by a
move just below the $0.550 level. According to the analysis, the
ultimate price target is $0.650. However, despite mounting bullish
predictions, several resistance levels remain to be overcome. As
ADA currently trades at $0.415, the token faces its first challenge
at the $0.418 mark in weeks. On its path to the $0.600 level,
Cardano’s native token will encounter key resistance walls at
$0.438, $0.503, $0.517, and $0.590. The ADA must overcome these
notable hurdles to reclaim previously lost levels. Related Reading:
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As the bullish sentiment grows, attention turns to the upcoming
Chang upgrade, which is set to deploy a new set of governance
features to Cardano. This upgrade aims to unlock the final
features of on-chain governance, including delegated representative
participation and treasury withdrawals. The impact of these
developments on ADA’s uptrend remains to be seen. Featured image
from DALL-E, chart from TradingView.com
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