As a seasoned analyst with over a decade of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The recent surge in Cardano (ADA) has certainly piqued my interest, as it looks poised to reclaim its spot among the top ten cryptocurrencies by market capitalization.
Over the past week, Cardano (ADA) has shown exceptional growth, climbing more than 10% and once again making an appearance in the top ten cryptocurrencies ranked by market capitalization. This latest movement in its price has ignited optimism among investors and analysts, who think that ADA could be on the brink of a rally aiming for $1.
Cardano Breaks Out To Reclaim Top 10 Spot
Over the past six months, Cardano’s price has seen a significant decrease from its March peak, dropping by approximately 42%. Remarkably, during the Q1 surge, the token attained its highest price point since 2022, reaching around $0.774.
After that rally, ADA has dropped back down to its previous levels, leaving some investors and analysts feeling disillusioned. The crypto community frequently expresses dissatisfaction with the project due to it not being attractive enough to a wider audience. Furthermore, there have been numerous criticisms about ADA’s unimpressive price performance.
Nevertheless, the token’s latest price increase has ignited optimism within certain community participants. Although there were turbulences in the market during early September, this digital currency has still managed to increase by 10% from its monthly launch, showing positive trends on a weekly and two-week basis.
According to the analysis by crypto expert, Crypto Yapper, they’ve observed the current trend of Cardano (ADA). The analyst pointed out an intriguing pattern in ADA’s price chart resembling a multi-month descending broadening wedge formation. This structure has been marked by numerous points both on the upper and lower ends.
Within this framework, the cryptocurrency exhibited a diminished descending channel formation, where its upper boundary was re-tested on Monday. The analyst pointed out that $0.35 represents the initial significant barrier for the token.
Asserting control over this significant region might spark further bullish momentum, potentially propelling the price upward and aligning with the higher boundary of the larger uptrend.
On Monday, I witnessed a significant leap as Cardano’s token recaptured the $0.36 mark, a level not touched in almost a month. This upward momentum propelled ADA‘s price towards the $0.37 resistance barrier, transforming the $0.375 zone into a supportive price range by Tuesday morning.
In the past day, a surge of 6% in Cardano’s (ADA) market value has catapulted it back to the elite group of top ten cryptocurrencies, overtaking Tron (TRX) in the process.
Analysts See New Price Targets For ADA
Today, it’s been observed by Crypto Yapper that ADA has surpassed its resistance level, marking a series of new highs on the daily chart. This significant uptrend suggests a potential major shift in the direction of Cardano.
In other words, he emphasized that for the token to move beyond the falling and widening triangle pattern, it needs to surpass the secondary resistance level at $0.39. If it manages to do so, this could lead to a potential price increase toward the upper limit of the structure which is around $0.52.
Other experts have likewise emphasized ADA‘s impressive performance and breakout, indicating that this digital currency could see a significant jump of up to 170%. Dan Gambardello notes, “Cardano has undergone an incredible retracement to a massive triangle formation.
To the analyst, it seems that crypto might be heading towards a bullish October, leading me to believe that Cardano (ADA) will quickly regain the $1 price mark. Currently, ADA is trading at $0.378, experiencing an impressive 6.2% increase in the daily timeframe and a significant 12.2% surge over the weekly period.
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2024-09-25 14:46