As a seasoned analyst with over two decades of experience in financial markets, I’ve witnessed countless bull and bear runs across various asset classes. The recent performance of Cardano (ADA) has piqued my interest, given its impressive 13% surge over the past week, outpacing Bitcoin (BTC).
In simple terms, Cardano (ADA) has seen significant growth of approximately 13% over the last week, surpassing Bitcoin (BTC), the leading cryptocurrency in market capitalization. Analysts are bullish about potential future price hikes for ADA, especially after a “super signal” appeared on the trading chart comparing ADA and BTC.
Cardano Price Tests Key Levels
In a recent post, market analyst TrendRider pointed out a promising prospect regarding X (previously known as Twitter). The “super signal” suggests a significant likelihood that Cardano (ADA) could appreciate relative to Bitcoin within the next few weeks.
The signal possesses a notable historical importance, consistently demonstrating an impressive 80% accuracy when it emerges. This indicates that future price increases for Cardano might not be merely optimistic predictions, but rather based on its proven track record.
At present, Cardano (ADA) is valued at approximately $0.398. It’s now facing a crucial point as it challenges its 21-day exponential moving average (EMA). Notably, TrendRider advises that if Cardano successfully ends the week above this mark, it might indicate the persistence of an upward trajectory.
Subsequently, the price may experience fluctuations near the $0.430 level due to the placement of the 50-day Exponential Moving Average (EMA), and it could also see instability around $0.490 because this figure coincides with both the 100-day and 200-day Moving Averages.
Based on TrendRider’s assessment, there’s a possibility that the peak aim for Cardano could reach the 200-day simple moving average (SMA) at $0.75. If this happens, it would mark a notable achievement for the token after the substantial price drops it has experienced recently.
Market Analyst Predicts “Up Only” Phase
Further reinforcing the bullish outlook, market analyst Alexander Legolas recently asserted that the crypto market has entered an “up only” phase. This optimism extends not only to Cardano but also to other prominent altcoins, which have shown signs of recovery following two notable market corrections of over 20% each on August 5 and September 6.
In times of decline, the price of Cardano dipped to around $0.27 and $0.303, representing notable lows for the 2024 token. This is a significant drop from its annual peak of $0.810 that it reached earlier this year during the Q1 surge, a period that also saw Bitcoin reach its record high of $73,700.
In the upcoming months, Legolas anticipates that ADA might witness significant growth, especially given the rise in liquidity within the altcoin sector. He highlights the recent burst through the total3 Alt graph’s large cup and handle formation as a critical signal reflecting optimistic market feelings.
If these forecasts prove accurate, Cardano could potentially reach or surpass the dollar mark, representing an increase of approximately 151% from its current value. Yet, it’s important to note that even at this level, the token would still be 67% below its peak all-time high of $3.09, which was achieved during the 2021 bull market surge.
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2024-09-27 07:16