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04/12/2024

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Why Cardano is About to Explode

Based on recent events in its community, analysts from Crypto Capital Ventures predict a Cardano (ADA) breakout will soon come.The analyst points out that Cardano (ADA) has secured a significant partnership...

Why Cardano is About to Explode

CryptoMode Why Cardano is About to Explode

Based on recent events in its community, analysts from Crypto Capital Ventures predict a Cardano (ADA) breakout will soon come.

The analyst points out that Cardano (ADA) has secured a significant partnership with Huawei Cloud, signaling potential growth and bullish market trends for the cryptocurrency. The collaboration aims to enhance the Cardano ecosystem, particularly in Asia Pacific and Africa. This partnership is anticipated to bolster scalability and interoperability and provide Cardano access to a marketplace frequented by significant organizations.

The analyst, who initially called a recovery run on Cardano, further elaborates on why Cardano is considered a solid long-term investment. He cites the project’s foundation in decentralization, security, and scalability as critical components that set it apart from other cryptocurrencies. The analyst further conducts a technical analysis of ADA’s price movement, comparing it to Bitcoin’s performance in past bull markets. He cites a critical point at the 20-day moving average crossing above the 50-day moving average, identifying it as a bullish sign for ADA. However, he notes that ADA has yet to consolidate its position between these averages, indicating possible volatility ahead.

The discussion also covers the upcoming “Alonzo” hard fork, potentially catalyzing further price growth for ADA. Despite pointing out all these factors, the analyst advises keeping an eye on broader market trends, acknowledging the uncertainty in short-term outlooks and the possibility of a downturn if the crypto market continues to decline but still maintains a bullish outlook on ADA reaching $150.

Cardano Market Outlook: How Is ADA Looking Today?

Analyzing Cardano charts, we notice the price action has been contained within a falling wedge pattern, which is considered bullish. This pattern suggests that while the price has been making lower highs and lower lows, the rate of downward movement is slowing, with ADA having broken out of the falling wedge pattern to the upside. The chart also shows a double bottom, which supports the breakout prospects. 

4-hour ADA/USDT Chart | Source: TradingView

The Volume Oscillator is negative, indicating that volume is lower than a set number of periods ago. However, its northern trajectory suggests some strength is building as volume picks up. On the other hand, the Money Flow Index (MFI) is around the mid-range at 47.16. Its northern trajectory also suggests accumulating buying pressure. According to CoinMarketCap stats, the Cardano price has slightly increased by 0.53% over the last day. This aligns with the technical analysis indicating a potential reversal, as the altcoin traded at $0.585 at 12:06 p.m. UTC.

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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.


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