Logo
Cardano Ecosystem

U.Today

03/06/2024

·

107 views


Cardano (ADA) Price Trend Signals Massive 2,084% Upside

Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has been steadily rising in recent weeks, reaching a high of $0.799 on March 4.

Cardano (ADA) Price Trend Signals Massive 2,084% Upside

Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has been steadily rising in recent weeks, reaching a high of $0.799 on March 4.

As ADA gains momentum, investors are eyeing the potential for significant price movements. Crypto analyst Ali highlighted that Cardano seems to be mirroring its previous bullish cycle.

ADA experienced a spectacular 3,217% increase between November 2020 and August 2021, reaching all-time highs of $3.08 following an earlier consolidation. However, this rise was followed by a price drop, after which Cardano resumed consolidation.

Based on this historical narrative, Ali believes that if this pattern for ADA continues, the price could see a brief pullback before a potential parabolic surge toward the $10 mark. At the time of writing, ADA was trading down 0.41% in the last 24 hours to $0.772, albeit higher by 24.26%  weekly. A surge to $10 from current prices would mean over 2,084% rise for ADA.

In recent weeks, Cardano has seen an increase in investor interest, driven by network growth and market sentiment.

Ali noted in a tweet over the weekend that Cardano's ascent is healthy, citing a significant increase in daily active ADA addresses, transaction volume and transactions from ADA whales.

This increasing activity reflects significant network participation and investor interest, as well as positive indicators for continued growth.

ADA price action 
Cardano (ADA) began the next phase of its rally after buyers broke over the $0.68 level on March 1. ADA then went on to achieve a high of $0.799 on March 4.

If Cardano's price falls in the very near term, $0.64 might be the key support to watch for on the downside. A break and closing below this level would indicate that the bulls are losing their grip. ADA may then drop to the 50-day SMA of $0.565.

On the other hand, if the uptrend resumes after a brief pause, the price might rise to $0.90, where the bears are expected to stage a vigorous defense. If the momentum holds and investors bulldoze their way through $0.90, the surge might continue to $1.25, where bulls may confront resistance.

About the author 
Tomiwabold Olajide is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

AD

SNEKbot by DexHunter on CARDANO

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


Read Original Article on U.Today

ORIGINAL SOURCE

https://u.today/cardano-ada-price-trend-...

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.


Genius Yields DEX Launched!

More from U.Today

See more
Cardano to Host Major New Crypto AI Token, Founder Confirms
U.Today
Cardano to Host Major New Crypto AI Token, Founder Confirms

03/31/2024

·

61 views

Related News

See more
Genius Yields DEX Launched!

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)