Logo
Cardano Ecosystem

Timestabloid

07/31/2024

·

101 views


Analyst Foresees 2,257% Cardano (ADA) Price Rally. Here's the Catalyst

Renowned Bitcoin analyst SpartaBTC has presented a compelling analysis on TradingView, suggesting that Cardano (ADA) is on the cusp of entering a new bullish phase. This prediction is based on historical price movements and technical indicators, which point to a potential price increase of up to 2,257%. Historical Context: Previous Accumulation Phase To understand the […]

Analyst Foresees 2,257% Cardano (ADA) Price Rally. Here's the Catalyst

Renowned Bitcoin analyst SpartaBTC has presented a compelling analysis on TradingView, suggesting that Cardano (ADA) is on the cusp of entering a new bullish phase. This prediction is based on historical price movements and technical indicators, which point to a potential price increase of up to 2,257%.

Historical Context: Previous Accumulation Phase

To understand the current market dynamics, it is essential to examine Cardano’s past performance. Between November 2018 and June 2020, ADA experienced a significant accumulation phase, during which its price consolidated between $0.027 and $0.117.

The average accumulation price was $0.0440, laying the groundwork for a massive rally. In June 2020, ADA broke out of this accumulation zone, surging to $0.38 by January 2021, representing a 763% increase from the average accumulation price.

Current Market Analysis: Latest Accumulation Phase

SpartaBTC’s analysis suggests that Cardano has entered another accumulation phase, similar to the one from November 2018 to June 2020. This latest phase lasted from October 2022 to November 2023, during which ADA’s price remained relatively stable, setting the stage for the next potential breakout.

Despite a recent correction, SpartaBTC identifies a bullish falling wedge pattern, indicating that the downtrend is losing momentum and often precedes a significant price increase.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Price Targets: Short-Term and Long-Term Projections

Based on the falling wedge pattern, SpartaBTC has set an initial price target of $1.96, representing a 387% surge from current levels. However, the most ambitious target is $9.5, representing a 2,262% increase from Cardano’s current price of approximately $0.4022.

In the short term, ADA is looking to end a losing streak that began on July 28, with a daily chart analysis confirming Cardano’s bullish prospects. The chart highlights the falling wedge pattern, with SpartaBTC identifying an immediate target of $0.8918, marking a 97.66% increase from the July 18 resistance level at $0.4489.

While cryptocurrency markets are highly volatile, Cardano’s historical trends and technical indicators suggest a significant price increase is on the horizon. Investors and traders should conduct thorough research and consider multiple sources before making investment decisions. SpartaBTC’s analysis provides valuable insights into Cardano’s market dynamics, making a compelling case for ADA’s potential price surge.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Timestabloid

ORIGINAL SOURCE

https://timestabloid.com/analyst-foresee...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Timestabloid

See more
XRP or Cardano? ChatGPT Predicts Which One To First Reach $1
Timestabloid
XRP or Cardano? ChatGPT Predicts Which One To First Reach $1

09/08/2024

·

23 views

Related News

See more
Cardano Summit 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)