CAN THE PRICE OF CARDANO (ADA) RISE DOUBLE IN THIS BULL RUN?
As the crypto market enters a new bull run, Cardano is attracting investors' attention. Can its price really double by the end of the cycle? Several indicators suggest that ADA could surprise, if certain conditions are met. Here's what you need to know.
ADA Ready to Explode? A 100% Rise Still Possible
The cryptocurrency market has been experiencing sideways momentum lately. However, some assets like Cardano (ADA) appear to be starting to show encouraging technical signs. Currently trading around $0.70, the price of ADA has recently held above a major technical support level, suggesting the potential for a significant rebound in the coming weeks.
Technical Analysis: The Return Above the 50-Day Moving Average
According to data from CoinMarketCap, Cardano's market capitalization stands at nearly $24.7 billion. This reflects a moderate but solid consensus among long-term investors. On a technical level, the fact that ADA's price has moved back above its 50-day moving average (50 DMA), around $0.6750, is a particularly encouraging signal.
This upward crossing of the 50 DMA suggests that the bearish trend observed in late March/early April has been broken. Risks are now tilted to the upside, with the potential for a return to major resistance levels in the $1.20-$1.30 area.
A solid long-term outlook, despite an uncertain environment
However, it is unlikely that a new widespread "altcoin season" is about to begin and send ADA to its all-time highs above $3. Indeed, macroeconomic uncertainties remain high, with signs of fragility in the US economy increasing the risk of recession.
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