As seen overnight, Cardano (ADA) surged to $0.54, making it a face game for the bulls. ADA price was seen trading below the key $0.55 resistance level. Meanwhile, traders expect a possible breakout to $0.6 by next week.
Cardano (ADA) is gaining momentum as the price is rising sharply as seen on the daily chart.
The uptrend that occurred on July 27, 2022 with a price of $0.45 has pushed the price of ADA to incredible highs with a 30-day high of $0.55.
As of press time, ADA price is seen trading under the $0.55 resistance area, with a triple top formation circling the area. Moreover, the price of ADA is up by more than 22% in the last five days and may still rise to $0.6 in the coming days.
The crypto market has been showing confusing signs overnight, especially as BTC closed its target of $24,000 and Ethereum consolidated at $1,700. As a result, XRP fell to $0.39 with DOGE also falling to $0.07. In addition, SOL also declined by 4% and DOT by 6%.
Looking at the 24-hours chart, ADA price is seen in a cascade and an ascending triangle pattern with a 30-day high of $0.55. ADA price increased after forming a sideways pattern with a price range of $0.45 to $0.50.
ADA’s RSI Signals a Bullish MomentumThis 24-hours RSI is signaling that it is approaching the overbought zone seen at 60.09, which could either trigger a bull run or drag ADA price further downwards. ADA trading volume has seen a drop of 24% over the past 24 hours, which suggests that traders are pausing to detect the next pattern.
Moreover, MACD or Moving Average Convergence Divergence curve still shows bullish momentum and is gaining a lot of traction with bullish divergence.
Around 53 fintech experts predicted their price for Cardano in July 2022. These crypto experts predicted that ADA is set to end 2022 at a price of $0.63. Basically, given the current ADA price of $0.5, the forecast gives a 26% price pump by the end of 2022.
Cardano initially had a high price forecast of $2.79 in January, but its rivals such as Polkadot, Tron, Polygon, Solana, Avalance and BNB Chain gave the coin a “win it or lose” game plan. There is basically no gray area for ADA or other altcoins at this point.
Furthermore, other fintech experts say that Cardano is falling short in terms of delivering updates as well as attracting more projects.
The total market cap of ADA on the daily chart is $384 billion. Source: TradingView.com Featured image from ZyCrypto, Chart from TradingView.com