Despite some recent hiccups, there is optimism surrounding Cardano (ADA). ADA is resilient, maintaining a positive outlook despite last week’s 5% decline. At the current price of $0.75, ADA indicates a strong position with a 24-hour trading volume of $1.14 billion and a market capitalization of $24 billion.
Analysts point to promising weekly chart trends
Noted crypto analyst Sssebi is laying out an optimistic course for ADA, stressing the importance of weekly charts to understand the broader context.
Perched above its 200-week moving average, the ADA shows a significant increase in promise and buying momentum with significant green candles on the weekly chart, signaling a strong underlying trend.
Source: Coingecko
ADA primed for easy climbing
Sssebi’s analysis suggests a bright week ahead for ADA, forecasting a potential growth of 50-60%. Interestingly, he points to the absence of major resistance levels until ADA hits $1.2, indicating a relatively smooth path for the cryptocurrency in the near future.
This projection aligns with analysts’ positive assessment of ADA’s current position and overall market sentiment.
If you are ever worried $ADAJust look at the weekly chart.
Above the 200 week moving average with some huge weekly green candles and heavy buying pressure.
Next week will be a big one $ADA, not much resistance until $1.2, we could see a 50-60% rise next week. https://t.co/Z6pdH37wWe pic.twitter.com/anlV5YqWl4— Sssebi (@Av_Sebastian) 10 March 2024
Will Cardano Hit $3 By May?
After looking at the performance of ADA in the past, Sssebi notices similarities with past market cycles, in which ADA has seen a significant decline of almost 35%.
Nevertheless, the ADA not only bounced back from a significant pullback, but also outperformed its previous ATH. Analysts point to significant upside in the coming months and based on this historical outlook, ADA could reach a price of $3 by May or so.
Ether market cap currently at $483 billion. Chart: TradingView.com
Technological Flexibility, Foundation Building: The Power of the ADA Unveiled
Beyond the short-term projections, ADA describes building a strong foundation for future growth. Cryptocurrency shows flexibility by navigating between substantial support and resistance levels.
Notably, at the $0.58 mark, ADA finds reliable support with the 50-day moving average acting as a safety net during a retracement. This technical analysis underscores ADA’s structural strength, setting the stage for potential growth.
ADA navigates toward the coveted $1 mark
Despite recent fluctuations, ADA maintains a positive trajectory, hinting at an upcoming bullish trend that could take it to the coveted $1 mark.
Market analysis reflects cryptocurrencies in transition, oscillating between support and resistance levels, creating a favorable environment for potential growth in the near future.
Featured image by Igor Mashkov/Pexels Charts in TradingView
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