Cardano (ADA) is positioned for a bullish surge and remains steadfast in its stance. Despite experiencing an 8% decrease over the past week, ADA exhibits resilience, indicating its potential to rebound strongly and achieve substantial gains in the near future.
At the time of writing, Cardano stands at $0.7373 with a 24-hour trading volume of $1.14 billion and a market capitalization of $24.08 billion, respectively. Over the last 24 hours, ADA experienced a 2.67% decrease.
Cardano (ADA) Predictd to Surge 60%
Despite the recent price fluctuations, Sssebi, a respected crypto analyst, remains hopeful about the direction in which Cardano (ADA) is heading. In his latest analysis, he pointed out that one should not ignore the weekly chart as a key to appreciating the broader context.
According to Sssebi, ADA is currently positioned favorably, comfortably above its 200-week moving average. This, coupled with big green candles on the weekly charts for several weeks and an apparent increase in buying momentum, indicates a strong underlying trend for this coin.
Sssebi foresees significant developments for ADA next week. According to him, there are no major resistance levels until ADA reaches $1.2. This means that ADA’s price may move smoothly upwards with a little hindrance in the immediate future. The analyst even predicts significant growth, saying that ADA could rise 50-60% within the next week.
ADA’s Historical Trends Suggest $3 Potential in May
The analyst provided further insights into ADA’s historical performance, drawing parallels with previous market cycles. As an example, during the last cycle when BTC broke its ATH and experienced a parabolic rise, ADA witnessed a major pullback of about 35%. However, after this considerable retracement, there was consolidation before ADA eventually overcame its former ATH.
From that historical perspective, the analyst presumed that the present course of ADA coincides closely with prior trends. In the previous cycle, it took ADA almost 74 days to surpass its former ATH again, which leads to the idea that they might have similar timelines in the current market.
Based on these observations and corresponding historical information, the analyst predicted a price of $3 for ADA by May or thereabouts. This forecast is derived from an understanding of how markets have behaved previously and the perception that AdA’s present performance is similar to previous cycles, indicating the possibility of enormous growth during the subsequent months.
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