TL; Doctor
Cardano (ADA) rose by 4% this week, with an analyst predicting a potential 70% surge due to the bullish market mode. Indicators suggest that the asset may continue to rise, with some signs pointing to a substantial increase in price by early 2025.
Is it time for ADA to shine?
While most leading cryptocurrencies experienced significant declines in the past week, with the global market cap dropping by 3.5% daily and currently standing at around $2.35 trillion (according to CoinGecko’s data), some assets remained in the green over the seven-day period. Cardano (ADA) is one such example, with its price rising by 4% during this time, and analysts predicting even larger gains in the near future.
ADA price, source: CoinGecko
User Captain Faibik claimed that after a prolonged consolidation, ADA’s “falling wedge breakout” has finally been confirmed, indicating a potential 70% rebound.
This term refers to a specific bullish chart pattern that typically signifies a potential reversal in price trend, characterized by two converging downward trend lines. Breakouts usually occur as valuations cross over the upper limit, and this occurred in early July.
User XForceGlobal also expressed optimism, suggesting that in the coming months, there could be a “massive shift” from meme coins narrative to “high ceiling altcoins.” The analyst concluded that this could result in significant fluctuations in ADA price, ultimately surging to nearly $3 by early 2025.
For those interested in exploring more Cardano predictions, feel free to check out our dedicated video below:
ADA gaining momentum
Several key indicators suggest that Cardano’s native token does indeed have potential for short-term gains.
The Relative Strength Index (RSI), which measures the speed and change of price movements, has been relatively low recently, currently standing at 51. With a scale of 0 to 100, a ratio exceeding 70 indicates a potential correction.
On the other hand, ADA has secured a place in a prominent ranking. According to market intelligence platform Santiment, it is one of the top ten cryptocurrencies in terms of development frequency.