It’s game face on for the bulls as Cardano (ADA) swerved up to $0.54 as seen overnight. ADA price spotted below critical resistance of $0.55 Traders are hopeful that the ADA price will rise to $0.6 next week.
Cardano’s (ADA) is experiencing a bull market as it shoots up and forms a bullish hammer pattern on its daily chart.
On July 27, 2022, $0.45 was spotted. This price has pushed the ADA price up to unbelievable heights. The price reached $0.55 on its 30th birthday.
ADA Seems to Be Spiking At $0.6 Over The Next Days
As of press-time, the ADA market price was below $0.55 with a three-top formation circling this area. ADA prices have risen more than 22% during the past 5 days. They can continue to rise as high as $0.6 over the next days.
Overnight, the crypto market was showing confusion. BTC leapt close to its $24,000 target and Ethereum was consolidating at $1700. In the end, both XRP and DOGE plunged by $0.39. SOL fell by 4%, and DOGE rose by 6%.
According to the 24-hour chart, ADA’s price has been seen to fall and form an ascending triangle structure. It reaches a maximum of $0.55 on the 30-day charts. The ADA price surge was immediately followed by a sideways trend with a price range from $0.45 to $0.50.
ADA’s RSI Signals A Bullish Momentum
It’s 24-hour RSI signals that it is drawing close the overbought zone spotted at 60.09, which could either trigger a bull run or could pull ADA price further downwards. The ADA trading volume for the last 24 hours saw a 24% plunge, suggesting that traders are paused and waiting to find the next pattern.
Even more, the MACD curve (Moving Average Convergence divergence curve) still has bullish momentum. It is gaining lots of traction because it shows bullish divergence.
In July 2022, 53 Fintech professionals presented their prediction of Cardano’s price. The crypto experts predicted that ADA would end at $0.63 in 2022. The forecast assumes that ADA will be worth $0.63 by 2022, based on its current price.
Cardano initially had a higher price forecast of $2.79 in January but its rivals such as Polkadot, Tron, Polygon, Solana, Avalance, and BNB Chain gives the coin a “win it or lose it” game plan. There are no margins for ADA or any other altcoins.
Other Fintech experts also believe that Cardano fails to deliver updates and attract more projects.
Source: TradingView.com| Source: TradingView.com
Featured Image from ZyCrypto. Chart by TradingView.com