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.
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.
Source – Tradingview
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.
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