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04/19/2024

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Will Cardano Explode? Analyst Calls The Shots

An analyst from Crypto Capital Ventures believes Cardano (ADA) is about to explode based on current market dynamics and features.According to the analyst, over the past four years, Cardano has reportedly...

Will Cardano Explode? Analyst Calls The Shots

Cryptomode Will Cardano Explode? Analyst Calls The Shots

An analyst from Crypto Capital Ventures believes Cardano (ADA) is about to explode based on current market dynamics and features.

According to the analyst, over the past four years, Cardano has reportedly outperformed Bitcoin (BTC ) by 200%, despite recent price frustrations expressed by investors. The analyst emphasized Cardano’s potential for growth, citing its blend of Bitcoin’s security and Ethereum’s programmability as critical advantages. However, he also acknowledged the current bear market’s effect on ADA’s price, suggesting that the cryptocurrency is in a phase similar to previous market lows. Looking ahead, he pointed out that altcoin seasons historically begin when Bitcoin’s market dominance decreases, a trend he anticipates will recur. Other analysts predict ADA could go to $828 in the long term.

However, looking at a technical analysis, the analyst states that ADA is trading below all moving averages, indicating a weak position in the market. The speaker predicted a possible capitulation scenario akin to the downturn experienced during the COVID-19 outbreak but remained optimistic about a reversal signaled by changes in the Relative Strength Index (RSI). Analysts from Cheeky Crypto speculate ADA could fall to $0.3.

Cardano Price Analysis: How Is ADA Doing Today?

Cardano has formed a ‘Bearish Pennant’ pattern, a continuation pattern. This shows that ADA is in a consolidation phase after the recent drop. This could suggest potential bearish sentiment in the market with the potential for prices to continue to fall if the pattern is completed. Despite the Bearish Pennant formation, looking at the indicators, the Moving Average Convergence Divergence (MACD) is hovering around the zero line with the MACD line slightly above the signal line, showing slight bullish sentiment. However, the proximity to the zero line may indicate some consolidation.

4-hour ADA/USDT Chart | Source: TradingView

The Average Directional Index (ADI) is 38.91, suggesting the current trend is strong. In the context of the bearish pennant, this could further support the potential for continuing the downward movement should ADA break out of the channel. According to stats from CoinMarketCap, the Cardano price stood at $0.4631 as of 10:15 a.m. UTC, representing a 4.06% increase in valuation over the last 24 hours. 

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