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05/27/2024

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Cardano About to Explode: Analyst Predicts

An analyst from LuckSide Crypto predicts Cardano (ADA) is poised to explode based on its current dynamics. He highlighted the anticipated approval of Ethereum spot Exchange-Traded Funds (ETFs) and promising...

Cardano About to Explode: Analyst Predicts

Cardano About to Explode: Analyst Predicts

An analyst from LuckSide Crypto predicts Cardano (ADA) is poised to explode based on its current dynamics. 

He highlighted the anticipated approval of Ethereum spot Exchange-Traded Funds (ETFs) and promising legislation in Congress, which might lead to increased market participation and investment. The analyst states that the approval of Ethereum spot ETFs alongside potential pro-crypto legislation, could collectively diminish regulatory hurdles, explicitly citing the ongoing Ripple SEC case

This shift in the legislative landscape is expected to enhance cryptocurrency adoption across broader financial markets, which the analyst believes will push Cardano up. Furthermore, the expert suggests that the Federal Reserve might lower interest rates, traditionally boosting investment in higher-risk assets like cryptocurrencies.

The anticipation of these events has set the stage for what the expert calls a “crazy crypto summer,” a period expected to witness unparalleled growth in cryptocurrency investments. This optimism is also based on historical performance, with May typically showing solid returns for digital currencies. The analyst’s narrative expresses a confident outlook that this trend will continue and accelerate, with significant media coverage likely to attract more retail investors.

Moreover, the expert emphasizes the potential for ADA, which has market caps in the tens of billions, to see their values double during the summer. Other analysts predict the altcoin could soon hit $3.

Cardano Price Review: How is ADA Doing Today?

Analysing Dogecoin charts, we see a rectangle pattern highlighted in the chart, where the price has been moving sideways between approximately $0.460 and $0.470. This pattern typically represents a consolidation phase where prices move between parallel support and resistance levels, indicating equal forces between buyers and sellers.

If the price breaks above the rectangle pattern convincingly, it could move towards the target. This breakout could signal a shift in market sentiment from neutral to bullish.

1-hour ADA/USD Chart | Source: TradingView

Conversely, the MACD (Moving Average Convergence Divergence) line is very close to the signal line and appears to cross above, suggesting potential bullish momentum. The ADX (Average Directional Index) is around 17.40, indicating a weak trend.

This low value aligns with the consolidation phase and suggests that the current price movement lacks directional solid momentum. CoinMarketCap states that Cardano was trading at $0.465 as of 1:55 p.m. UTC, representing a 1.7% increase in the last 24 hours. 

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