Optimism surrounds Cardano (ADA), despite some recent hiccups. ADA remains resilient and maintains a positive outlook despite a 5% decline in the past week. Currently priced at $0.75ADA shows a robust stance with a 24-hour trading volume of $1.14 billion and a market cap of $24 billion.
Analyst points to promising weekly chart trends
Renowned crypto analyst Sssebi charts an optimistic course for ADA, highlighting the significance of the weekly chart in understanding the broader context.
Located above the 200-week moving average, ADA is showing promise with significant green candles on the weekly charts and a noticeable increase in buying momentum, indicating a strong underlying trend.
Source: Coingecko
ADA ready for a smooth climb
Sssebi’s analysis suggests a good week for ADA, with a potential upside of 50-60% forecast. In particular, he points to the lack of major resistance levels until the ADA reaches $1.2, indicating a relatively smooth path for the cryptocurrency in the near future.
This projection is consistent with the analyst’s positive assessment of ADA’s current positioning and overall market sentiment.
If you ever have any concerns $ADAjust look at the weekly chart.
Above the 200 week moving average with some huge weekly green candles and massive buying pressure.
Next week will be huge for $ADAIf there is not much resistance to $1.2, we could see a 50-60% upside next week. https://t.co/Z6pdH37wWe pic.twitter.com/anlV5YqWl4— Sssebi
(@Av_Sebastian) March 10, 2024
Will Cardano Reach $3 in May?
After looking at ADA’s past performance, Sssebi notes similarities with previous market cycles, namely those where ADA experienced a substantial decline of almost 35%.
Nevertheless, ADA not only recovered from a significant setback but also exceeded its previous ATH. The analyst expects a significant increase in the coming months, and based on this historical perspective, the ADA could reach a price of $3 by May or around.
Ether market cap currently at $483 billion. Chart: TradingView.com
Technical Resilience, Building Foundations: The Power of ADA Revealed
In addition to the short-term forecasts, ADA is described as laying a robust foundation for future growth. The cryptocurrency shows resilience by navigating between substantial support and resistance levels.
Particularly at the $0.58 mark, ADA finds reliable support, with the 50-day moving average acting as a safety net during retracements. This technical analysis underlines ADA’s structural strength and sets the stage for potential upside.
ADA navigates to the coveted $1 mark
Despite recent fluctuations, ADA is maintaining a positive trajectory, indicating an emerging bullish trend that could push the price towards the coveted $1 mark.
The market analysis reflects a cryptocurrency in transition, fluctuating between support and resistance levels, creating a favorable environment for a potential rise in the near future.
Featured image by Igor Mashkov/Pexels, chart from TradingView
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