As a seasoned researcher with extensive experience in cryptocurrency markets, I have closely monitored Cardano’s (ADA) price movements and trends. The latest developments suggest that ADA could be on the brink of a significant breakout.
The analysis of Cardano‘s price forecast indicates a possible surge, potentially allowing this leading token among smart contracts to surpass the previous resistance point of $0.6 and reach new heights above $1.
A positive outlook emerges as Bitcoin‘s price resumes its advance toward $70,000 after a brief dip around $64,000 during the week, which reinforced its underlying strength.
Currently, Bitcoin is trading above $65,500 on Saturday, marking a 4% increase in the past 24 hours. The bullish trend has extended to altcoins as well, with Ethereum reaching $3,488 – a 2.6% gain.
Solana’s price dipped to $168 following a high of $170. However, SOL experienced a 4% rise over the past 24 hours. XRP stood out as one of the notable gainers, surging by 8% and reaching a value of $0.59. The market cap of cryptocurrencies collectively grew by 4%, amounting to $2.54 trillion based on CoinGecko’s latest figures.
Cardano Price Prediction Signals Falling Wedge Breakout
Traders are anxiously awaiting the next development in Cardano’s price action, having recently probed the $0.315 support level. Notably, the market rally over the past week managed to restore crucial milestones at $0.35 and $0.4.
The current price of ADA is at approximately $0.436. Bulls are attempting to break through a resistance level around $0.46, which is reinforced by the intersection of two Exponential Moving Averages (EMAs): the 50-day and 20-day EMAs.
In simpler terms, when a falling wedge chart pattern reaches its convergence point, it indicates that buyers need to put in extra effort to maintain the upward trend during the weekend and beyond.
In simpler terms, two lines with a descending slope create what’s known as a falling wedge. As the price decreases, trading volume lessens. Meanwhile, sellers start to lose interest while buyers gradually amass more assets.
Reaching the peak of the trendline indicates the wedge shape is reliable for buyers, as per the analysis of Cardano’s price movement. This pattern suggests a potential increase of approximately 47%, equivalent to the pattern’s height, as the target for any breakout.
The MACD indicator is preparing to trigger a buy signal on the weekly chart of Cardano, reinforcing the optimistic view for its price trend.
The RSI, or Relative Strength Index, has risen to a neutral level of 46. This indicates that the market may continue moving upward as resistance is currently low. A shift in the RSI’s trend, with a break from its bearish divergence above the descending trendline, would serve as confirmation for the bullish perspective.
Traders are advised to wait until the price of ADA surpasses the resistance formed by the convergence of multiple resistance levels, as well as breaking above the trend line of the wedge pattern, before committing fully or increasing their long positions.
Some key achievements likely to signal the continuation of the uptrend include movement above the $0.5 and $0.6 levels. Although Cardano price prediction shows the potential for a $1-bound rally, ADA will closely follow the general sentiment in the market.
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2024-07-20 15:07