2023-7-5 21:49 |
Cardano (ADA) has experienced a relatively flat trading pattern since last October, lacking significant upward momentum. The seventh-largest cryptocurrency by market capitalization is currently down approximately 92% from its all-time high of $3.
However, ADA’s recent price behaviour has shown some signs of recovery. After hitting a low of $0.22 earlier last month, it has since rebounded by around 33%, with experts now predicting a potential surge in its price in the coming months.
According to popular crypto analyst Alan Santana, the focus should be on the long-term perspective when evaluating ADA’s potential. In a recent analysis on Tradingview, Santana highlighted a pattern sequence consisting of three stages that could drive ADA’s price during the upcoming bull market. The pundit opined that the first two stages have already been completed, with the third stage expected to follow.
Santana’s analysis pointed to potential price targets once the bull market resumes. He predicted that Cardano could reach $0.665 this year and potentially even surge as high as $1.34. In the long term, Santana anticipated targets of $2 and $2.5. Moreover, he mentioned the possibility of ADA reaching new all-time highs, indicating potential levels of $4.9 and $7.77, with the potential for even higher prices in the future.
Another analyst, Dan Gambardello, also shared his insights on Cardano’s price movement, observing various indicators that suggest ADA may continue its upward momentum. In a July 4 video, the analyst emphasized the importance of ADA breaking through the $0.32 key resistance level, which coincides with the 0.618 Fibonacci resistance and the 50-day moving average.
He noted that ADA had exhibited higher highs and lows, indicative of upward momentum. Examining ADA’s weekly chart, he pointed out a higher low on the Relative Strength Index (RSI) from a previous swing low, which coincided with the bear market low in December 2022. He says this bullish divergence on the weekly chart suggests a positive outlook for ADA.
The analyst further attributed ADA’s oversold condition to the recent news surrounding the U.S. Securities and Exchange Commission (SEC) and acknowledged that other cryptocurrencies, including Bitcoin, have different chart patterns than ADA. However, he emphasized that ADA has significant ground to cover to catch up with its counterparts.
Elsewhere, Cardano’s ecosystem has continued to thrive, further supporting predictions for price growth. Notably, the DeFi sector has experienced exponential growth, witnessing a remarkable surge of over 148% in Total Value Locked (TVL) during the first half of 2023. Moreover, the number of projects being developed on the network reached a new high last month, with a total of 1261 projects now building and an impressive 131 projects already being launched.
ADA was trading at $0.2936 at press time, up 1.18% in the past day and just over 5% in the past week.
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