- Cardano (ADA) rises 14.38% in the past day, with trading volume surging 188.95% to $2.85 billion.
- Analyst predicts Cardano may breach $2, with the potential to triple if bullish momentum continues.
- Testing the 50-week EMA, historically triggering massive gains of up to 212%, with $1.77 as the next target.
Cardano (ADA) has recorded a stunning growth, trading at $0.73, which is a 14.38% improvement in one day. Trading volume has skyrocketed to $2.85 billion, or an increase of 188.95%. The price of ADA has increased by 29.22% in the last week, which is an indication of an upward trend. Investors are also keen on this increase as they are looking forward to greater profits.
Source: CoinMarketCap
Analyst Javon Marks has highlighted that ADA is RIPPING, which means that the cryptocurrency is on the breakout trend. Marks implies that this could be the beginning of a major rally with possibilities of ADA breaching the $2 mark. According to his analysis, Cardano has the potential to triple in value in case the bullish momentum does not decelerate.
Source: X
CoinGlass data shows that the trading volume of ADA has grown by 147.90% and it is now at $5.26 billion. Meanwhile, open interest has increased by 22.83% to its current level of $1.22 billion. These data indicate the increasing trust of investors in the future of Cardano. ADA OI-Weighted Funding Rate stands at 0.0105%, which also shows positive market sentiment.
Source: CoinGlass
Also Read: Cardano (ADA) Dominates X with Over 2.5 Million Mentions This Week: Here’s Why
Positive Market Signals for ADA
The Cardano (ADA) Relative Strength Index (RSI) is 71.08. This shows a healthy bull pressure without the asset being overbought. When the RSI reads over 70, this is normally an indication that a cryptocurrency is in a robust uptrend. In this regard, it is possible to achieve additional upward growth because the RSI indicates that the present demand for ADA can further increase the price in the short run.
The Moving Average Convergence Divergence (MACD) indicator underlines a positive trend in Cardano. The MACD is at 0.0197 and the signal line is at 0.0077. This results in a bullish crossover that signifies increasing upward pressure. Though the histogram is pegged at -0.0120, it still supports the concept that Cardano is in a cumulative uptrend. As the MACD is further increasing, further price growth of ADA can be expected, indicating a continued bullish behaviour.
Source: TradingView
Cardano’s Bullish Momentum Continues
Purdano has revealed that Cardano is looking at its 50-week Exponential Moving Average (EMA), an important line of support and resistance. In the past, ADA has registered significant gains whenever it moved across this mark and this has been done twice before, with a gain of 212% and 128%. If this trend is repeated, the price of ADA might reach the level of $1.77, which will be an important level in its bullish trend.
Source: X
ADA is exhibiting a lot of positive pressure with a supportive volume, technical indicators, and market sentiment. The RSI and MACD values of the cryptocurrency indicate that it still has more upside potential, with the test of the 50-week EMA reinforcing the bullish sentiment. As ADA edges closer to this significant resistance point, investors will be monitoring it closely, hoping it will break out of it and land at an even greater profit.
Also Read: Cardano’s Market Cap Grows by $1.8 Billion in 24 Hours As ADA ETF Odds Hit 89%
