- ADA’s price increased by more than 8% in the last seven days.
Most market indicators hinted at a continued price rise.
As a long-term crypto investor with some experience under my belt, I’m thrilled to see Cardano (ADA) breaking above resistance and gaining bullish momentum. The price surge of more than 8% in the last seven days is an encouraging sign for the ADA community.
I’ve noticed an uptick in market activity recently, with various cryptocurrencies showing positive gains. Cardano (ADA) has not been left behind in this trend.
When ADA‘s price surpassed a significant resistance level, bullish investors made their entry into the market, implying the potential for a robust upward trend.
Cardano breaks a barrier
As a researcher, I discovered through CoinMarketCap’s data that Cardano’s price experienced a significant surge of over 8% within the last week. This price hike became particularly evident on the 15th of May, as the cryptocurrency gained bullish momentum.
As a crypto investor, I’m observing the current market situation, and at this moment, the token is being traded at a price of $0.4848. Its market capitalization has surpassed the $17.29 billion mark, placing it as the 10th largest cryptocurrency by size in the market.
Based on my analysis of the latest price surge for Cardano (ADA), it appears that only a minority of its investors managed to turn a profit. According to data from IntoTheBlock, approximately 58% of ADA investors found themselves running out of funds during this period.
But this scenario might change soon as ADA broke above a bullish pattern.
As a dedicated crypto investor, I’ve been closely monitoring the market movements of various digital currencies. Recently, World of Charts, a well-known analyst in the community, drew my attention to an intriguing development regarding Cardano (ADA). On its 8-hour chart, ADA formed a bullish flag pattern. Remarkably, its price has now broken above this pattern, signaling potential bullish momentum for this digital asset.
According to the tweet, ADA had nearly gained a 10% profit, and a potential pump could cause its price to skyrocket by an additional 100%. Consequently, investors may observe Cardano reaching the $1 mark within the upcoming weeks if this occurs.
ADA’s possible weekly target
Reaching the $1 mark for ADA may be a challenging goal within the immediate future. Consequently, AMBCrypto examined ADA’s performance indicators to predict its trend for the coming week.
According to our examination of Santiment’s figures, the MVRV ratio for ADA has risen based on our analysis. This is generally interpreted as a positive sign, suggesting potential price increases.
The trading volume stayed significant as the price escalated, providing a solid base for the bull market’s rise.
As a researcher observing the cryptocurrency market, I noticed a decrease in Cardano’s transaction velocity last week. This signifies that the ADA token was utilized less frequently for transactions during that specific period.
Market signals pointed towards a persistent price increase based on most indicators. For example, ADA‘s value stayed above its 20-day Exponential Moving Average (EMA), and the Moving Average Convergence Divergence (MACD) showed a strong bullish trend in the market.
As a crypto investor, I’ve noticed an intriguing development with the Chaikin Money Flow (CMF). It has recently experienced a significant surge, suggesting that buying pressure is increasing and potentially leading to even higher prices for the asset in question.
Read Cardano (ADA) Price Prediction 2024-25
Later on, we examined Hyblock Capital’s figures to identify the potential peak price for ADA by the week’s end. Our examination uncovered that Cardano was likely to experience a significant increase in liquidations around the $0.492 threshold.
If the price of ADA experiences significant sell-offs leading to corrections, it’s likely that the cryptocurrency may reach that level before temporarily halting its advance. Yet, if ADA surpasses this threshold, it could potentially reach prices of $0.5 or $0.528 during this week.
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2024-05-19 11:03