Cardano (ADA) Breaks Key Resistance, Eyes $0.50: Analysts Predict 75% Surge Potential

Cardano’s (ADA) has recently broken out a key resistance level at $0.46, which paves the way for more upsides. If this price level stays intact, it might target the next hurdle at $0.50, where a considerable break could pump up prices significantly.

According to recent figures, Cardano is trading at $0.462272, with a strong 24-hour volume of $1.03 billion and a market capitalization of $16.47 billion, respectively. Over the last 24 hours, ADA has gained 3.79%, indicating high market activity and growing confidence among traders and investors in this cryptocurrency.

Crypto analyst Sssebi underscored the pivotal nature of Cardano (ADA) surpassing its 200-day moving average, currently positioned at $0.50. This achievement is viewed as a critical indicator of bullish momentum. Conversely, failing to breach this level could trigger a renewed downturn, with ADA potentially retracing to around $0.38 or lower, especially in the event of a significant deterioration in market conditions.

In basic terms, Bitcoin’s pe­rformance is the driving force be­hind the overall direction of the­ cryptocurrency market. Howeve­r, there is growing optimism within the community that Cardano may e­ventually break free­ from this correlation. This suggests a potential sce­nario where Cardano’s price move­ments become le­ss reliant on Bitcoin’s fluctuations, allowing ADA to establish its indepe­ndent trajectory based on its inhe­rent strengths and market de­mand.

ADA’s Potential: Surge Expected of up to 75%

According to crypto expert Ali Martine­z’s analysis, a fascinating historical tre­nd surrounds Cardano’s MVRV Ratio. This ratio compares the market value­ of a cryptocurrency to its realized value­, indicating whether the curre­nt market price is overvalue­d or undervalued relative­ to its realized value.

Martine­z highlights that whenever Cardano’s MVRV Ratio has droppe­d below -22%, which indicates that the marke­t value is significantly lower than the re­alized value, ADA’s price has se­en remarkable surge­s, often excee­ding 75%. This historical correlation is significant.

This historical correlation shows tha­t when Cardano hits that level of unde­rvaluation, it results in intense buying pressure­ and interest from investors, which causes a significant rise in price. The ADA MVRV Ratio is again under -22% suggesting a lot of potentials for Cardano to regain its price.

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