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Cryptocurrency News Articles
Cardano (ADA) Price Prediction: Will the Cryptocurrency Rally to Pass the $0.55 Level?
Oct 25, 2024 at 06:15 am
Cardano (ADA) price prediction by market analyst Alikze indicates that the cryptocurrency is likely to rally as it trades within an ascending channel.
Cardano (ADA) price is seen rallying on Alikze’s technical analysis as it trades within an ascending channel, which aligns with the outlook from the Elliott Wave Theory.
This analysis suggests that Cardano could be in Wave 3, which is typically characterized by a strong bullish momentum. Despite some volatility in the market, ADA is currently bouncing back from a correction phase, begging the question of whether it can break through the $0.55 level.
Cardano (ADA) Elliott Wave Structure
Alikze’s technical analysis identifies ADA in an Elliott Wave structure as it rallies in an ascending trend.
The Elliott Wave Theory recognizes price movements in five wave patterns during a bull market. According to Alikze, Cardano is now entering into Wave 3, which is indicative of the strongest bullish trend, based on historical precedent.
This analysis anticipates resistance for the Cardano price between $0.51 to $0.55. At the moment, ADA is trading at $0.366, showing a 2% rise within the day.
This price action aligns with a reaction off the lower edge of the ascending channel, suggesting that if ADA holds above this level, it may be able to continue its move to the upside.
Technical Indicators Support Mild Bullish Momentum
Several technical indicators suggest that Cardano may continue rising in the near term. The Relative Strength Index (RSI) is at 54.66, indicating a modest rise in bullish momentum.
This RSI is positioned above the midline of 50, signifying buying pressure to buy ADA. However, it is still below 70, indicating that ADA is not yet overbought, opening the possibility for further price gains.
The Moving Average Convergence Divergence (MACD) also shows signs of a bullish trend. The MACD line has crossed the signal line to the upside, which is a buy signal. Both lines are near the zero level, suggesting that the momentum is still weak and requires more buying pressure to propel the price higher.
However, the current ADA price is trading below essential moving averages, suggesting bearish pressure in the short and long term, despite the positive signals from the RSI and MACD.
The 50-day SMA provides a short-term bearish signal as the ADA price struggles to break above this level. In the near term, ADA may encounter resistance levels that could threaten its bullish momentum.
The first major pullback is observed near the 50-day SMA, which is around $0.403. If ADA manages to break through here, the next targets are at $0.427 and $0.51.
On the support side, ADA’s immediate support is at $0.349, with stronger support around $0.318, which corresponds to recent lows.
Long-Term Outlook: Cardano’s Growth and Development
In a recent Cardano community event that took place in Buenos Aires, insights were shared by the founder of Cardano, Charles Hoskinson, who expressed optimism about the future of Cardano, stating that it could overtake Ethereum within the next ten years and might even compete with Bitcoin in the long term.
Here's my recent interview in Argentina https://t.co/KzDjtCNzC9
He mentioned that Cardano’s large research team is working on improving the decentralization and utility of the project.
Moreover, during his time in the country, Hoskinson met with Argentina’s president to discuss the country’s relevance to Cardano’s growth plan. Notably, Cardano is looking into creating a hub in Argentina to capitalize on the country’s talent to support the growth of the platform.
This strategic move may help open up more upside potential for ADA to break out above its resistance levels.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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