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04/08/2024

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How Likely is a Cardano Push to $150?

Analysts from Crypto Capital Ventures predict Cardano (ADA) could reach $150 based on historical cycles.The analyst acknowledges Cardano’s lackluster performance yet recognizes its notable gains over Ethereum...

How Likely is a Cardano Push to $150?

Cryptomode How Likely is a Cardano Push to $150?

Analysts from Crypto Capital Ventures predict Cardano (ADA) could reach $150 based on historical cycles.

The analyst acknowledges Cardano’s lackluster performance yet recognizes its notable gains over Ethereum since the October lows. According to him, the current dip in Cardano’s price parallels patterns observed in previous cycles, suggesting a breakout might be brewing. He suggests that historical data points to patience, as such moves may not materialize immediately.

He parallels the current market posture and the previous cycle, highlighting a similar 33% drop for Cardano in December 2020, which preceded a substantial upswing. In light of this, the analyst posits that a comparable dip is unfolding, which could set the stage for an upward trajectory for Cardano, potentially pushing its value to or beyond the $150 mark. However, the analyst also warns of a possible bearish turn, aligning with the broader crypto market’s potential downtrend. This comes a few days after the analyst predicted a Cardano leg down.

Speaking on Bitcoin, the analyst states that consolidating the token’s price has led to an imminent Apex in its triangle pattern, presenting a scenario for a decisive market shift. As the price is compressed, the possibility of a breakout looms, with outcomes that could see Bitcoin soar to nearly $990,000 or tumble to the lower $50,000 range, according to the analyst, while noting that Bitcoin’s movement is also set to influence the trajectory of the broader cryptocurrency landscape potentially. The bullish call aligns with Samson Mow’s prediction, who is also optimistic about a pump to $1,000,000. 

Cardano Price Analysis: How Is ADA Looking Today?

Analysing Cardano charts, we notice that after some consolidation, there appears to be an uptick in price, as indicated by the green candles. The Ichimoku Cloud on the first chart suggests a shift in momentum. The price has recently moved above the cloud, often interpreted as a bullish signal. The RSI is just above the midline at around 67, which indicates strong momentum. It is not overbought territory (above 70), so there may still be room for upward movement before the asset is considered overbought.

1-hour ADA/USD Chart | Source: TradingView

The ADX value is around 31, suggesting a strong current trend. According to CoinMarketCap stats, ADA traded at $0.6067 as of 3:00 p.m. EST, representing a 2% increase in valuation over the last 24 hours.

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