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04/05/2024

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Cardano to $150? Analyst Calls

Analysts from Crypto Capital Venture predict Cardano (ADA) could hit highs of up to $150 in the long term future. According to the analysts, despite criticism for its transaction processing capacity, Cardano...

Cardano to $150? Analyst Calls

Cardano

Analysts from Crypto Capital Venture predict Cardano (ADA) could hit highs of up to $150 in the long term future. 

According to the analysts, despite criticism for its transaction processing capacity, Cardano has been making headlines with its decentralization and security features and zero-knowledge proofs for scalability solutions. Exciting developments include interest from US states in its voting system technology and its adoption by Dubai Police, showcasing Cardano’s real-world applicability which according to the analyst are fueling optimism about its future.

The analyst also highlights Cardano’s involvement in transparent voting systems and criminal investigations, underlining its real-world blockchain applications. Despite a current downturn, with ADA down around 80% from its all-time high, the analyst debunked myths of Cardano being left behind compared to other altcoins. The analysis touched on geopolitical events, like Ukraine joining NATO, potentially impacting the crypto market, alongside technical and real-world factors critical for market analysis.

The analyst also compared ADA’s current price movement to historical patterns, suggesting a potential bounce back and a bullish market entry opportunity with a target price for ADA above $150. However, he also cautioned about possible declines or market capitulation, emphasizing a macro view approach ahead of the Bitcoin halving event. This comes as some analysts also speculate a Cardano leg down in the near future while others see a Bottom coming soon.

Cardano Market Outlook

The chart displays a pattern of three consecutive bottoms (Bottom 1, Bottom 2, and Bottom 3), suggesting a potential “Triple Bottom” pattern. This pattern is typically considered a bullish reversal pattern that forms after a prolonged downtrend and indicates that the price could start to rise. A dotted line projects upwards from the third bottom, labeled “Target,” indicating the potential price target if the triple bottom pattern is confirmed.

2-hour ADA/USDT Chart | Source: TradingView

On the other hand, the Relative Strength Index (RSI) is hovering around 45, which is between the oversold and overbought thresholds (typically considered 30 and 70, respectively). This suggests that there is currently no significant momentum in either direction, but there’s room for the price to move without the asset being overbought or oversold. Additionally, the Money Flow Index (MFI) is also around 45, which, like the RSI, suggests neither overbought nor oversold conditions. However, their current northern trajectory could point out a building bullish momentum.

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