- Cardano’s price surged by more than 4% in the last 24 hours.
In case of a breakout, ADA might first reach $0.45.
As a seasoned crypto investor with a knack for spotting trends and patterns, I must say that the recent surge in Cardano’s price has certainly piqued my interest. The bullish falling wedge pattern on ADA‘s chart is a classic indication of a potential breakout, which could lead to a 100% rally if executed correctly.
Investors of Cardano (ADA) found themselves in an upbeat mood as the token saw a surge in bullish trends. The situation might improve further in the near future, given a noticeable pattern that has appeared on its graph.
In case of a breakout, investors might witness a 100% rally.
A bull pattern on Cardano’s chart
According to CoinMarketCap’s findings, although many cryptocurrencies experienced a decrease in their prices, the value of Cardano (ADA) increased by over 4% within the past 24 hours.
As I pen this down, ADA is being exchanged at approximately $0.3589 and boasts a market capitalization exceeding $12.9 billion, positioning it as the 11th most significant cryptocurrency by market size.
Even with the rise in prices, data from IntoTheBlock indicates that just 22% of Cardano investors have managed to turn a profit.
According to AMBCrypto’s examination of Cardano’s daily graph, there appears to be a bullish trend emerging. This could potentially mean greater earnings for investors in the near future.
As per our look, a bullish falling wedge pattern formed on ADA’s daily chart in February.
Following that point, I’ve observed that the token’s price has been stabilizing within the defined pattern. Currently, as I write this, Cardano is heading towards testing the resistance level set by the pattern.
If ADA manages to surpass its current pattern, it could potentially trigger a 100% increase in its value, which implies that the price of ADA could soon double. To clarify, if there is a bullish breakout, ADA might aim to regain around $0.7.
Is a breakout possible?
After considering their strategy, AMBCrypto intended to examine the token’s on-chain statistics to determine if any indicators suggested a potential breakthrough was imminent.
Based on my findings, I’ve noticed that the MVRM (Moving Average of Realized Value to Market Value Ratio) of ADA has moved into a favorable region, indicating a potential bullish trend. Simultaneously, both the Open Interest and the price of ADA have shown an upward trajectory.
When the On-chain Influence (OI) climbs up, it suggests a strong likelihood that the ongoing market trend will persist. Furthermore, Cardano’s Social Impact saw an uptick last week, pointing to rising interest and prominence in the crypto space.
On the other hand, the token’s Net Value to Total Value (NVT) ratio saw a significant surge. This indicated that the token might be overpriced, suggesting an upcoming price adjustment. Additionally, at the current moment, the Fear and Greed Index for Cardano was showing “greed”, implying potential market euphoria or overvaluation.
Whenever the index hits this level, it indicates a possible price correction.
In simpler terms, the moving average convergence divergence (MACD) line showed a positive crossover for ADA, which is typically a bullish signal. Additionally, its Relative Strength Index (RSI) has increased, suggesting that ADA may have successfully broken through the falling wedge pattern and could potentially rise further.
Read Cardano’s [ADA] Price Prediction 2024-25
As a researcher examining ADA‘s market trends, I noticed that the Bollinger Bands indicate a shift towards a less volatile phase for the token’s price movement. This could potentially slow down or pause the ongoing bullish momentum of ADA.
If bears gain dominance, investors could witness Cardano (ADA) falling to around $0.28. However, should the token surge ahead, it may initially aim for $0.45 and potentially regain its February peak thereafter.
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2024-08-22 08:08