As a seasoned analyst with over two decades of experience in the financial markets, I have seen many bull cycles and bear markets come and go. In my humble opinion, the recent technical indicators for Cardano (ADA) are indeed quite compelling, suggesting that we might be on the brink of another parabolic rally.
With altcoin season on the horizon, Cardano (ADA) is picking up steam, reporting an over 14% growth in the past week as per CoinMarketCap. Interestingly, a cryptocurrency analyst has pointed out a robust buy signal for ADA, implying that it could possibly initiate a steep upward trend, potentially propelling Cardano’s price to unprecedented new peak levels near $5.
Cardano New Buy Signal To Trigger Rally To $5
On September 24th, crypto expert TradingShot shared a comprehensive study and forecast regarding Cardano’s price trends, focusing on crucial technical markers to estimate the digital currency’s future value. The analyst suggests that at the current moment, one of the strongest long-term buy signals is appearing for Cardano on the weekly chart.
According to this powerful buy signal and additional technical signs, our crypto expert anticipates Cardano might initiate a fresh, steep upward trend in the upcoming weeks. It’s believed that the higher highs trajectory could function as a resistance level for ADA price fluctuations, possibly igniting a rise toward $5.
According to TradingShot’s analysis, the Logarithmic Moving Average Convergence Divergence (LMACD) on Cardano’s 1-week chart is now showing a bullish crossover, which hasn’t been seen since October 9, 2023. This bullish crossover suggests a significant buying opportunity that could potentially drive the price of ADA upwards into an upward trend.
In summary, since May 2024, Cardano’s Relative Strength Index (RSI), which gauges an asset’s price momentum, has been fluctuating rather than trending significantly. This is because the cryptocurrency has consistently been trading below its 50-week Moving Average (MA50) on the weekly chart.
According to TradingShot’s analysis, the current price trends of Cardano (ADA) seem strikingly similar to those during the previous crypto bull market in 2021. During that period, a Megaphone pattern emerged on a 1-week Linear Moving Average Convergence Divergence (LMACD), accompanied by a bullish crossover of the 1-week moving averages 50 and 100 (MA50/MA100). Meanwhile, the Relative Strength Index (RSI) was in a phase of consolidation. These technical indicators suggest that ADA’s market conditions might be pointing towards another bullish cycle.
Based on the analysis, it appears these consistent technical signals could indicate an imminent significant increase in Cardano’s price. He daringly predicted that the price of ADA might escalate from its current value of $0.38 to reach $5, signifying a new peak during this ongoing bull market.
Analyst Says “ADA Will Hit $1 Before Christmas”
Instead of TradingShot’s optimistic estimate of ADA reaching $5, a different crypto analyst, known as ‘Deezy.eth’, has presented a more modest forecast for the cryptocurrency. According to Deezy.eth, Cardano might reach $1 prior to December 25, 2024.
The analyst has built his positive predictions on multiple elements that he sees as strong catalysts for Cardano. Among these are ADA‘s bullish weekly trend divergence, the initiation of interest rate reductions after four years, the recent introduction of the Cardano Vita hard fork, and the decreased attraction of ADA due to its “low supply and high full diluted value.
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2024-09-26 02:46