It’s game face on for the bulls as Cardano (ADA) swerved up to $0.54 as seen overnight. ADA price spotted below key resistance level of $0.55. Meanwhile, traders are optimistic that a looming breakout may happen up to $0.6 by next week.
Cardano (ADA) price is on a bull run as the price shoots way up forming a bullish hammer pattern seen on the daily chart.
The uptrend precipitated on July 27, 2022 with the price spotted at $0.45 has pushed ADA price to incredible heights with its 30-day high of $0.55.
ADA Seen Spiking To $0.6 In The Coming Days
As of press time, ADA price is seen under the $0.55 resistance zone with a triple top formation circling the area. More so, ADA price has soared by over 22% in the past five days and can still spike to as high as $0.6 in the coming days.
The crypto market has been showing confusing signals overnight especially as BTC jumped close its target of $24,000 mark and with Ethereum consolidating at $1,700. Consequently, XRP plunged to $0.39 along with DOGE that also declined by $0.07. Moreover, SOL also plunged by 4% and DOT spiked by 6%.
Judging by the 24-hour chart, ADA price is seen to cascade and form an extending ascending triangle pattern peaking a 30-day high seen at $0.55. ADA price spike was followed by the formation of a sideways pattern with the price range of $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. ADA trading volume in the past 24 hours has seen a plunge of 24% which suggests that traders are on pause to figure out the next pattern.
More so, the MACD or Moving Average Convergence Divergence curve still shows bullish momentum and has been gaining a lot of traction with bullish divergence.
Around 53 Fintech experts laid out their price prediction for Cardano in July 2022. These crypto specialists predicted that ADA is set to end 2022 at a price of $0.63. Basically, judging by the current ADA price of $0.5, the forecast gives a pump in price of 26% by the end of 2022.
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 is basically no gray area for ADA or other altcoins at this point.
Moreover, other Fintech experts say that Cardano seem to fall short in terms of delivery of updates as well as in attracting more projects.
ADA total market cap at $384 billion on the daily chart | Source: TradingView.com Featured image from ZyCrypto, chart from TradingView.com
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Author: Jet Encila