ADA emerged as one of strongest high-cap coins; was predicted could soon return to $0.6 or $1
Social analytics platform LunarCrush asked followers about ADA price predictions. In it, crypto analyst Ali took the opportunity to make his bold prediction of ADA hitting $0.6. However, others argue it could...
Social analytics platform LunarCrush asked followers about ADA price predictions. In it, crypto analyst Ali took the opportunity to make his bold prediction of ADA hitting $0.6. However, others argue it could soon return to the $1 mark. Let’s refer to each prediction.
Cardano, according to Ali, is about to confirm a head and shoulders pattern, potentially unleashing a 44% breakout that may send ADA to $0.6.
$0.60 $ada https://t.co/X2sXZA7ypM
— Ali (@ali_charts) April 14, 2023
The head and shoulders chart pattern is a price reversal pattern that can alert traders when a trend has run its course, and a reversal is imminent. The Cardano chart’s inverse head and shoulders pattern could signify a downtrend reversal.
ADA/USD 4-hour chart | Source: TradingView
ADA was up 4% in the last 24 hours to $0.431 at the time of writing. The coin has gained 13% in the last seven days.
On the other hand, Cardano may be on the cusp of a big turnaround, with a positive signal signaling that the token’s bear market has ended.
Interestingly $ADA looks like the strongest high cap on the market now. Extra funny because it has so many haters. Maybe back to $1 soon? pic.twitter.com/JtrGyXecY5
— Beastlorion🔺️ (@Beastlyorion) April 14, 2023
According to Trend Rider, a trading expert, the same indication verified a move for Bitcoin at $22,000, indicating the possibility for ADA to climb in value.
The signal appears on the 1-week timescale and indicates a long-term trend reversal. Cardano and its investors will have a brighter future if the signal is correct. It is worth noting that Cardano’s recent popularity extends beyond technical indications and price forecasts. ADA is also drawing the attention of various market leaders.
Potential for Cardano bull run | Source: Trend Rider
Meanwhile, development in the Cardano ecosystem continues. Aiken, an open-source smart contract language and toolchain designed exclusively to simplify and improve the creation of smart contracts on Cardano, has entered Alpha. In another development, whales traded extensively in the market during March and early April. These whales were able to acquire 560 million ADA, which is equivalent to $218.4 million.
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