• 17 July, 2024
Market News Price Analysis

Analyst Highlights A Bullish Turnaround in Cardano Prices

Cardano has witnessed significant trading fluctuations recently, as noted by the crypto analyst Word of Charts in a recent X post. The analyst highlighted a falling wedge chart pattern for ADA, suggesting a potential breakout that could signal a recovery phase. This pattern often indicates a consolidation period before a possible price surge.

As of the last few months, ADA prices have been following a downtrend, establishing lower highs and lower lows, which is characteristic of a bearish market sentiment. This trend was evident since November 2024, with the price peaking in mid-December. However, a recent shift shows a breakout above the pattern’s upper trendline, hinting at a change in market dynamics.

This breakout suggests a shift from bearish to bullish sentiment as ADA moves past significant resistance levels. If this trendline now acts as support and holds firm, ADA could experience a substantial increase. The analyst projects that ADA could potentially rise by over 104% to reach $0.4183.

This optimistic outlook is predicated on continued bullish behavior in the market, encouraging traders to anticipate higher prices in the near future. As the market watches this key support level, ADA’s price movement will be critical in determining its path forward in cryptocurrency.

Cardano’s Trading Activity Signals Potential Uptrend Amid Market Indecision

Cardano price has seen an upward trend over the last 24 hours and at press time it was valued at $0.3925, marking a 1.86% increase. The cryptocurrency’s market capitalization now stands at approximately $14.08 billion, securing its position as the 10th largest by market cap, according to data from CoinMarketCap.

The volume of trades for Cardano has also seen a slight dip, reaching around $256.42 million within the same period. This represents a slight decrease of 0.54% in 24-hour trading volume. 

Source: TradingView

The 4-hour technical analysis chart for Cardano showcases a notable pattern of resilience and recovery. The Relative Strength Index (RSI), currently at 58.13, suggests that while ADA is approaching overbought territory, there is still room for upward price movement before it becomes overextended. Meanwhile, the Moving Average Convergence Divergence (MACD) echoes this positive sentiment. The MACD line is above the signal line, and both are ascending, indicative of growing bullish momentum.

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