ADA Price Bounces Back; Targets 40% Surge to $0.85!

charles hoskinson cardano founder

ADA experienced a noteworthy overnight surge, showcasing a substantial increase in demand and a successful retest following a breakout beyond $0.55. This retest signals a strong bullish trend for ADA.

Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On www.ChikaMoji.lol



If the momentum persists beyond the $0.70 level, there’s potential for Cardano to reclaim the psychologically important $1 mark. The recent positive performance suggests a momentum that may propel ADA further upward.

Bullish Momentum for ADA: Entry Opportunity for Traders

Marking a bullish start to the week, ADA’s price trend surged by 3.61% on Monday night and continued its bullish trajectory on Tuesday. The strong comeback, driven by lower price rejection and resulting in a bullish candle formation, presents an attractive entry point for momentum traders.

The recent retest, coupled with lower price rejection and a 5% jump within the last 24 hours, indicates a heightened interest from buyers. With ADA’s price now above $0.60, the overall market sentiment is optimistic, aligning with bullish predictions for Cardano’s price.

ADA’s Bullish Momentum and Potential Growth Scenarios

With a 20% surge in intraday trading volume, ADA’s price uptrend receives significant bullish support. As the eighth-largest cryptocurrency, Cardano surpasses the $20 billion market cap, indicating a sustained upward trajectory.

Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On www.ChikaMoji.lol

Source – Tradingview

Centered JavaScript

Following a post-retest reversal, ADA’s price shows signs of gaining momentum, potentially achieving a 40% surge to hit the $0.85 mark before aiming to reclaim $1. The weekly chart reveals a recovery rally surpassing the supply zone, with the possibility of a golden crossover in the weekly chart as the bull run elevates the 50-week EMA.

Currently trading at $0.613, ADA demonstrates a 1.83% intraday growth, extending last night’s recovery. The sustainability of the bullish trend in Cardano could lead to a breakout rally reaching the $0.85 mark—a substantial 40% increase. However, a dip below $0.52 would negate the bullish outlook, limiting annual growth to 120%.

Technical Indicators:

RSI Indicator: The weekly RSI line remains in the overbought zone, indicating a robust demand-driven rally for Cardano. This reinforces the likelihood of a continued bullish trend in ADA’s price.

Cardano’s network is experiencing significant growth, thanks to a notable increase in large transactions, each surpassing $100,000. In the last 24 hours alone, there have been 11.5 thousand such transactions, totaling almost 36 billion ADA. This surge in large transactions highlights a growing demand for Cardano’s native token, contributing to the upward momentum in ADA’s price.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News

Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

    View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *