As a seasoned crypto investor with a keen eye for market trends, I’ve witnessed firsthand how unpredictable the digital currency landscape can be. However, recent developments surrounding Cardano ($ADA) have piqued my interest and given me renewed optimism.
As a cryptocurrency analyst, I’ve noticed an approximately 4% price increase for Cardano‘s native token, ADA, over the past week. This uptick comes after a significant loss of around 30% of its value year-to-date. One well-known analyst in the crypto space predicts that ADA could potentially surge by more than 70% in the near future.
Captain Faibit, the well-known anonymous cryptocurrency analyst, has remarked that the cryptocurrency has escaped from a declining wedge formation following a prolonged phase of congestion. As a result, he anticipates a significant rise in its price, reaching approximately $0.7 per token.
As a crypto market analyst, I’ve been closely monitoring the price action of $ADA for quite some time. After a prolonged consolidation period, the falling wedge formation has finally broken out, signaling a potential bullish reversal. Based on technical analysis, we could be looking at a potential rally of over 70% in the coming days for Cardano’s native cryptocurrency. #Crypto #ADA #Cardano #ADAUSDT— Captain Faibik (@CryptoFaibik) July 2, 2024
When the price of a security has been decreasing for an extended period during a bearish trend, a falling wedge pattern emerges. This occurs when the trendlines drawn from the highest and lowest points of the price action begin to intersect, signaling that the downward momentum may be weakening.
It seems that some investors, including those at World of Charts, have identified a pattern on Cardano’s price chart and are predicting a potential bullish surge. They believe that Cardano could reach the $0.8 mark in the upcoming period.
As a crypto investor, I’ve noticed that the price action of Ada (Cardano) has been forming a falling wedge pattern on the chart. If this pattern breaks to the upside successfully, we could be in for a solid bullish rally. I’m expecting a move towards $0.80 in the coming days. #Crypto #Ada #Cardano
— World Of Charts (@WorldOfCharts1) July 2, 2024
According to recent news, short sellers have been ramping up their bearish wagers on Cardano (ADA) and XRP Ledger’s native token (XRP). This could be a promising sign for potential long-term investors since the forced buying from liquidated shorts can contribute to a price surge.
Based on the latest findings from Santiment, an on-chain analytics firm, I’ve observed a notable shift in funding rates on Binance exchange. For Cardano (ADA), this trend emerged as early as September 2023, while for Ripple (XRP), it became apparent starting May 2024. The data suggests that short positions have gained significant traction over longs during these periods.
Fiery Trading, a well-known cryptocurrency analyst, has recently shared his perspective on Cardano’s potential price increase. He believes that the price of Cardano’s ADA token could reach as high as $40 during the upcoming bull market due to its potential to hit the channel’s peak.
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2024-07-04 01:24