Coin Edition -
- Cardano’s ADA sees renewed investor interest amid price uptick.
- ADA’s trading volume surges 80%, indicating growing interest.
- Analyst sees ADA’s parallel channel pattern hinting at a breakout.
Cardano’s ADA has recently faced significant scrutiny, creating a stir within the crypto community. The token has long struggled to breach critical price barriers, suffering a monthly decline of over 25%. Hence, investors have voiced concerns over its sluggish price movement on social media.
However, in the past week, the trajectory shifted as ADA demonstrated a slight uptick of 1.04%, hovering near $0.45 on the weekly chart. As of press time, ADA stands at $0.4534, marking a 3.22% climb over the last 24 hours.
ADA/USD 24-Hour Chart (Source: CoinStats)
Remarkably, the token has eclipsed Bitcoin’s growth, notching a 4.89% gain over the same interval. This sustained momentum has solidified ADA’s stature as the 10th largest digital asset by market capitalization, reaching $16.16 billion—a 2.84% increase.
ADA’s 24-hour trading volume also saw remarkable expansion, surging over 80% to $514.99 million. These developments reflect growing investor confidence in ADA’s potential for further growth and market stability.
Crypto Analyst Projects Major ADA Rally
In an in-depth dissection presented on TradingView, the distinguished crypto analyst FieryTrading illuminated the possibility of Cardano’s ADA initiating a significant bullish trajectory. This keen insight stems from an earlier evaluation, wherein FieryTrading discerned a pattern similar to that of a parallel channel within ADA’s price fluctuations.
This parallel channel, according to FieryTrading, originated from the previous cycle’s peak and extends to the current cycle’s top. It also includes a line drawn from the last cycle’s bottom, a period marked by a significant drop in crypto prices due to the Covid lockdown. Despite identifying this channel back in 2023, FieryTrading maintains that the pattern remains valid in their current analysis.
Source: FieryTrading
In the earlier analysis, FieryTrading had projected that if ADA could break out of this parallel channel, its price could soar as high as $35. This bullish sentiment persists in the latest analysis, though with a slight adjustment in the projected price target.
On Wednesday, FieryTrading noted that ADA still has the potential to reach the top of the channel, which could see its price move towards $30. However, the analyst’s chart indicates a more conservative target of $25 for ADA. Achieving this target would represent an impressive 5,600% increase from its current price level.
Can ADA Maintain Its Bullish Trend?
From a technical analysis perspective, Cardano’s ADA shows promising potential. The MACD indicator currently trends at -0.00103, just above the signal line and near the zero level.
ADA/USD 4-Hour Chart (Source: Tradingview)
This suggests weak buying pressure, but if the MACD line continues to rise above zero, a strong bullish breakout may occur. The green bars on the MACD histogram support this assessment, reflecting positive momentum for ADA’s price.
Similarly, the Chaikin Money Flow indicator is positioned vertically close to the zero line at -0.02, signaling increased money flow into ADA. This uptick indicates a rising interest among investors. If the indicator crosses above the zero line, it could signal further price gains for ADA in the near future.
The post Cardano’s ADA Rallies Amid Bullish Market Projections appeared first on Coin Edition.