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Cardano’s ADA native token is among the few cryptos pushing their bullish agendas on Tuesday with $177 million in trading volume coming in over 24 hours. The smart contracts token is currently trading at $0.383 while printing a green daily candle, which if it closes above $0.42 could trigger an incredible 42% move to $0.6.
Cardano Price Grinds Toward 42% Triangle Breakout
ADA, the $13 billion token appears to have finally embarked on a trend reversal after enduring immense selling pressure from highs around $0.461 in mid-April to support established at $0.355 and reinforced by an ascending trendline.
The last couple of weeks were particularly challenging for Cardano price, considering the dilapidated market conditions made worse by shrinking trading volumes.
Moreover, ADA had lost most of the primary support areas, especially those provided by the major applied moving averages, starting with the 200-day Exponential Moving Average (EMA) (in purple), the 50-day EMA (in red), and the 100-day EMA (in blue).
The stability witnessed across the market allowed bulls to arrest the bearish situation and take over control. Now, ADA is trading at $0.383 after reclaiming the confluence support formed by the 50-day EMA and the 100-day EMA.
Additionally, a buy signal from the moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook. Those looking forward to buying ADA this week may want to check a few boxes, including if the MACD line in blue is still above the signal line in red.
The movement of the momentum indicator above the mean line at 0.00 into the positive region would give Cardano price the boost it needs to restart the uptrend.
Traders would also be looking forward to a potentially incoming ascending triangle breakout, as illustrated in the chart.
An ascending triangle is a bullish chart pattern that indicates a possible continuation of an uptrend. It consists of a horizontal resistance line and a rising support line that converge to form a triangle.
Traders look for a breakout above the resistance line with increasing volume, which signals that buyers have overcome sellers and are pushing the price higher.
The breakout point also serves as an entry point for a long trade, with a stop loss placed below the support line.
Note that the profit target (42%) is calculated by adding the height of the triangle to the breakout point, as shown on the ADA/USD daily chart.
An ascending triangle can offer a profitable trading opportunity if the pattern is confirmed and followed by a strong price movement.
That said, another box that must be checked by bullish traders would be Cardano’s ability to weaken resistance at the 200-day EMA around $0.392. With this hurdle out of the way, ADA would be very close to facing the triangle’s horizontal resistance at $0.42.
Based on the position of the Relative Strength Index (RSI) on the daily chart, the path with the least resistance is currently to the upside. Cardano will likely keep the rebound intact as long as the RSI continues with the climb above the midline and toward the overbought area.
Cardano Founder Expounds On His Vision for the Ecosystem
Cardano is one of the most recognized blockchain ecosystems in the industry and its founder, Charles Hoskinson, has recently released his vision for the future of the protocol, as reported by ZyCrypto.
In the video about the future of the network, Hoskinson is eyeing a higher set of standards that will guide its expansion and growth. He puts a lot of emphasis on the need for clear regulations, which would play a major role in the protocol’s success in the long run.
Hoskinson wants to form new strategic partnerships, as soon as this summer in addition to aiming for increased decentralization.
He believes, forming new alliances strengthened by more decentralization would be the key to expanding the Cardano ecosystem.
In the new vision, the founder hopes to lay a strong foundation for Cardano as a scalable, safe, and long-standing blockchain ecosystem.
Cardano has achieved remarkable results lately, which have boosted its market position. The project has seen a surge in its Total Value Locked (TVL), indicating that investors and users are increasingly confident in Cardano’s capabilities.
This achievement also makes the project more attractive within the DeFi space.
The veteran crypto expert discussed many upcoming developments and concepts in the YouTube video.
He did not want to preempt anything but said that these enhancements could make the blockchain’s native coin, ADA, surpass Bitcoin, Ethereum, and all other cryptocurrencies.
The Vasil update, which has already enhanced the blockchain’s flexibility and scalability, was a notable highlight of the video.
He also mentioned the CIP-1694 proposal, which he had previously revealed. The crypto community is looking forward to seeing Hoskinson’s plans for Cardano materialize as the summer goes on.
yPredict – The AI-Powered Cardano Alternative to Buy
Investors may want to consider getting exposure to some of the many AI-focused projects launching in the market amid the hype surrounding this disruptive technology.
Up-and-coming projects like yPredict allow investors to buy highly discounted tokens in their presale stages.
In brief, yPredict is an AI-powered trading and market intelligence platform that mainly focuses on helping investors block out the noise and see the bigger picture vital to making the desired profits.
yPredict aims to enhance its technological capabilities and deliver innovative AI solutions to its clients.
Meanwhile, the team is introducing YPRED tokens in the market via a viral presale that has raised $1.88 million in a matter of weeks.
📷 Breaking News: yPredict, the AI-powered crypto trading platform, enters the sixth stage of its presale with the #YPRED token price climbing to $0.09. The highly anticipated listing on major exchanges later this year at $0.12 could result in substantial multi-X gains.… pic.twitter.com/Xc9k8PVWff
— yPredict.ai (@yPredict_ai) May 25, 2023
Investors are buying YPRED for $0.09 in stage six but this price will increase to $0.1 in the next round, while the token is expected to list on exchanges at $0.12.
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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the…
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