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Tag: Cardano Price Prediction

  • Cardano Faces Make-Or-Break Price Level For Bullish Revival

    Cardano Faces Make-Or-Break Price Level For Bullish Revival

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    The Cardano (ADA) price is down 46% since its yearly high and is currently facing a make-or-break price level for a bullish reversal. Here’s what you need to know:

    Cardano Price Analysis: Daily Chart

    The daily ADA/USD chart is currently charting a path within a descending channel, which has defined the bearish trend since the beginning of March. On Monday, the ADA price peaked near $0.475, encountering substantial resistance at the channel’s upper boundary and from the critical 20-day Exponential Moving Average (EMA), which stands currently at $0.47.

    ADA price, 1-day chart | Source: ADAUSD on TradingView.com

    In the short-term, this resistance level is crucial as it coincides with historical price rejection points, confirming its significance. As of press time, ADA is trading at approximately $0.44.

    The convergence of the 20-day EMA ($0.47), 50-day EMA ($0.54), and 100-day EMA ($0.51) above the current price level illustrates a dense zone of resistance. The 200-day EMA at $0.52 reinforces this barrier, emphasizing a strong bearish momentum.

    The Relative Strength Index (RSI) on the daily chart is currently at 38, which does not venture into the oversold territory (below 30) but indicates a bearish momentum with potential for further decline unless a reversal occurs.

    For a bullish reversal, ADA needs a sustained break above the $0.47 mark (20-day EMA) with accompanying high volume to confirm the breakout from the descending channel and shift the market sentiment. Then, the cluster of EMAs becomes the central resistance zone.

    Crossing this band is of utmost importance in order to build up bullish momentum for a break above the yearly high of $0.81 from March. If not, the ADA price could trend towards the midline of the channel and drop below $0.40.

    In-Depth Weekly Chart Overview

    Transitioning to the weekly chart, the broader picture also underscores the bearish sentiment that has dominated ADA since it reached its peak at $3.17 in late 2021. The series of lower highs and lower lows is a textbook representation of a downtrend.

    Cardano price
    ADA price, 1-week chart | Source: ADAUSD on TradingView.com

    The price action currently remains suppressed below the long-term moving averages: the 20-week EMA at $0.52, 50-week EMA at $0.48, 100-week EMA at $0.51, and 200-week EMA at $0.52, all of which slope downwards, underscoring the persistent selling pressure in recent weeks.

    The Fibonacci retracement levels, drawn from the high of $3.17 to the low of $0.22, provide further insights. Currently, ADA trades near $0.44, which is above the major psychological and technical support at $0.40.

    The closest significant Fibonacci retracement level is the 0.236 level at $0.918, which ADA has struggled to surpass. A breach above this level could open the path toward higher Fibonacci levels at $1.348 (0.382) and $1.697 (0.5), which would require a significant shift in momentum and buying interest.

    Overall, for ADA to shift from its bearish constraints, attention should be focused on the daily resistance at roughly $0.47 (descending channel breakout). Overcoming this barrier would be pivotal for confirming a bullish reversal. Until this level is decisively broken with substantial volume, the outlook remains tilted towards bearish continuation.

    Featured image from Bitget, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

    Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

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    Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made. 

    Armstrong’s Bull Case For Cardano Is $11

    In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7. 

    In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level. 

    Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief. 

    He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run. 

    ADA Getting Ready For The Next Bull Run

    Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside. 

    In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level. 

    At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

    ADA price struggles at $0.49 | Source: ADAUSD on Tradingview.com

    Featured image from The Cryptonomist, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

    Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

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    Popular crypto analyst Dan Gambardello recently dropped a very bullish prediction for the Cardano (ADA) price. This analyst claims ADA is poised to surge to $11 in the next extended bull cycle, an incredible 1700% gain from its current price level.

    Unlike many, the analyst didn’t just pull that prediction out of thin air. According to him, the prediction was solely based on ADA’s historical data and past actions.

    Prediction Based on Historical Price Analysis

    Cardano has had one of the best price gains among major altcoins this year. This price spike has brought in predictions from various analysts, with some predicting very bullish price points than others. According to a video shared by Gambardello, if history repeats itself, ADA could spike to a market cap of $400 billion by 2025.

    How did he come by this number? Well, data has shown that the price of Cardano (ADA) has always correlated with Ethereum’s (ETH) past actions. A weekly timeframe chart shared by the analyst in a video on social media platform X showed that the last bull run in 2021 which saw ADA reach its current all-time high of $3.10 was a mirror of ETH’s performance in 2017. During the bull run in 2021, ADA spiked to a total market cap of $93 billion, a 75% correlation with ETH’s $123 billion at the 2017 peak.

    It’s important to note that at this first stage, both Ethereum and Cardano weren’t well known for their DeFi capability. Now, it looks like ADA is getting ready to enter the 2021 Ethereum first DeFi bull cycle phase where it peaked at a market cap of $546 billion.

    Cardano’s blockchain has grown since the first stage, with the network now one of the fastest-growing in terms of DeFi and smart contracts. If this cycle is consistent with the previous one, a 75% performance of ETH’s market cap peak will put that of ADA at $409 billion by 2025. At this point, ADA could speculatively be at a 4% total crypto market dominance and peak over $11.

    ADA price at $0.65 | Source: ADAUSD On Tradingview.com

    Gambardello correctly predicted ADA’s all-time high of over $3 in June 2020, one year before the crypto reached this price point. The analyst also noted another scenario where the spike doesn’t mirror 75% of Ethereum’s DeFi cycle. According to him, a lesser market cap of $350 billion would put ADA at $10, way higher than its current all-time high.

    Current State Of Cardano

    ADA is currently on a 13.81% gain in the past 24 hours, boosted by a $1.5 billion increase in whale transactions. The crypto shot through to $0.6776, registering a new yearly high. At the time of writing, ADA is trading at $0.6527, a 73% increase from its December open of $0.376.

    According to another social media post by Dan Gambardello, Cardano is now at a decision point between a continued increase to $0.75 and a retrace to $0.41.

    Featured image from Medium, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

    Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

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    Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.

    Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano

    Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020. 

    Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks. 

    A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025. 

    The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year. 

    ADA price continues to show strength | Source: ADAUSD on Tradingview.com

    Current Bullish Performance Of ADA

    Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts. 

    Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.

    On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.

    Featured image from Crypto News, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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