- Cardano is one of the biggest beneficiary of the XRP-fueled market rally.
- The coin is projected to reach an average price of $0.3793 by July 31 with an 86% historical accuracy.
Following Ripple Lab’s momentary victory over the United States Securities and Exchange Commission (SEC), the value of many tokens printed bullish runs, especially those listed in the lawsuit levied against Binance and Coinbase Global Inc.
Cardano (ADA) was not left behind as it soared as high as 25% with a current trading price of $0.3347. The altcoin has caught the attention of investors who are willing to capitalize on the ongoing crypto market rally. As of Thursday, ADA was in the spotlight as one of the top-performing altcoins.
Noteworthy, this was around the same time when the broad crypto ecosystem surpassed a new market capitalization of $1.25 trillion.
With its positive growth trends, there is now a prediction that Cardano may likely reach an average price of $0.3793 by July 31. This prognosis was arrived at by considering the community voting patterns over the last six months which demonstrates a historical accuracy rate of 86%. ADA will need to potentially add $0.0446 to its price from its spot value as of the time of this writing to meet the prediction.
Based on the most recent predictions, Cardano forecast’s potential accuracy for June was 67.18% while in March, April, and May, it was pegged at 96%, 98%, and 95% respectively. So far, the token has been suggesting a positive trend with 18 green days, accounting for 60% of the period. In terms of market cap, ADA has surged to 12.1 billion after an incredible increase of over $2 billion in just one day.
Cardano Breakout May Go Either Way
According to finance and crypto monitoring platform TradingView, ADA’s 1-day Technical Analysis (TA) gauges are showing a bullish sentiment. Some crypto enthusiasts believe that while ADA may be suggesting a bull run, the direction of this breakout remains unknown especially as it could swing either way.
Based on the technical indicators, the potential upsurge may take place in a few days irrespective of any potential fluctuations.
Depending on which way it goes, the impending volatility could potentially offer profitable trading opportunities or signal a strategic shift for long-term holders. Cardano already hit a high of $0.37 and found significant resistance here. An upward breakout would mean that this resistance may be tested again. Although, there is currently a shortage of selling pressure and this would implies that ADA has the potential to breach the obstacle and establish new support levels.
On the other hand, a downtrend breakout would translate to more challenges for the Cardano protocol. The present trading volume of the token is quite low, down 67% overnight and this is likely to stall a possible recovery. More often than not, such low trading volumes are an indication of a decline in investors’ interest and confidence in the ecosystem.
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