Logo
Cardano Ecosystem

Cryptomode

05/17/2024

·

100 views


What’s Next For Cardano? Analyst Speculates

An analyst from Crypto Capital Ventures states that Cardano (ADA) shows a bullish divergence, suggesting a potential rise in value. According to the expert, despite the prevailing negative sentiment towards...

What’s Next For Cardano? Analyst Speculates

Cardano

An analyst from Crypto Capital Ventures states that Cardano (ADA) shows a bullish divergence, suggesting a potential rise in value. 

According to the expert, despite the prevailing negative sentiment towards ADA, cryptocurrency appears to be finding its bottom against Bitcoin (BTC), projected to hit $150,000. He also references the Bitcoin (BTC) dominance chart, indicating that an altcoin season may still be weeks or months away. On the ADA/Bitcoin dominance chart (AWTC), there is a wait for a trend reversal, with optimism about the current indicators. The analyst’s key focus is on ADA’s ability to close above its 20-day moving average within the next 24 hours, which could signal a pivotal moment for ADA and possibly the beginning of a Cardano season.

Speaking of the bullish scenario, the expert who has been bullish on ADA points out the bullish divergence between ADA and Bitcoin alongside an oversold Relative Strength Index (RSI) on the weekly chart. This RSI position suggests ADA could test the 20-week moving average, around $0.55. According to the expert, this level could act as a bullish confirmation zone, similar to a pattern seen during the previous bear market bottom before a subsequent bull market.

However, he cautions that these indicators are not guarantees. For a significant rally, ADA must break through the critical 200-day moving average. The current resistance range for ADA lies between $0.16 and $0.22, which is considered a modest hurdle for an altcoin. Should market conditions deteriorate, he states that there is a potential target in the lower $0.30 range. 

Cardano Price Review: How is ADA Doing Today?

An in-depth analysis shows that the Ichimoku Cloud shows that Cardano is trading below the cloud, indicating a bearish trend. The conversion line is below the baseline, suggesting downward momentum. The leading span A is below span B, reinforcing the bearish sentiment. The lagging span is above the price, a lagging indicator of bullishness, but a trend change needs to be confirmed.

ADA/USD Chart | Source: TradingView

The RSI is at 57.76, above the 50 level, as it heads south, indicating fading bullish momentum. The ADX is at 26.48, indicating a moderately strong bear trend. Based on stats from CoinMarketCap, Cardano was trading at $0.4536 as of 12:50 p.m. UTC, representing a 3% increase in valuation over the last 24 hours as it recovers from last week’s dip.

AD

SNEKbot by DexHunter on CARDANO

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


Read Original Article on Cryptomode

ORIGINAL SOURCE

https://cryptomode.com/news/whats-next-f...

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 Cryptomode

See more
Cardano To Hand Its Treasury To Community
Cryptomode
Cardano To Hand Its Treasury To Community

06/14/2024

·

36 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)