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Optimism surrounds Cardano (ADA) despite some recent hiccups. ADA stands resilient, maintaining a positive outlook despite a 5% decrease over the past week. Currently priced at $0.75, ADA demonstrates a robust stance with a 24-hour trading volume of $1.14 billion and a market capitalization of $24 billion.
Analyst Points To Promising Weekly Chart Trends
Renowned crypto analyst Sssebi is charting an optimistic course for ADA, emphasizing the significance of the weekly chart in understanding the broader context.
Nestled above its 200-week moving average, ADA shows promise with significant green candles on the weekly charts and a noticeable uptick in buying momentum, signaling a strong underlying trend.
Source: Coingecko
ADA Primed For A Smooth Ascent
Sssebi’s analysis suggests a bright week ahead for ADA, predicting a potential surge of 50-60%. Notably, he points out the absence of major resistance levels until ADA hits $1.2, indicating a relatively smooth path for the cryptocurrency in the immediate future.
This projection aligns with the analyst’s positive assessment of ADA’s present positioning and the overall market sentiment.
If you are ever concerned about $ADA, just look at the weekly chart.
Above 200 Week Moving Average with some huge weekly green candles and huge buying pressure.
Next week will be huge for $ADA, there is not much resistance until $1.2, we could see a 50-60% increase next week. https://t.co/Z6pdH37wWe pic.twitter.com/anlV5YqWl4— Sssebi🦁 (@Av_Sebastian) March 10, 2024
Will Cardano Hit $3 By May?
After looking at ADA’s performance in the past, Sssebi notices similarities to past market cycles, namely the one in which ADA saw a substantial decline of almost 35%.
Nevertheless, ADA not only bounced back from a significant pullback, but it also exceeded its prior ATH. The analyst projects significant increase in the following months, and based on this historical viewpoint, ADA might reach a price of $3 by May or approximately.
Ether market cap currently at $483 billion. Chart: TradingView.com
Technical Resilience, Foundation Building: ADA’s Strength Unveiled
Beyond the short-term predictions, ADA is described as constructing a robust foundation for future growth. The cryptocurrency showcases resilience by navigating between substantial support and resistance levels.
Notably, at the $0.58 mark, ADA finds reliable support with the 50-day moving average acting as a safety net during retracements. This technical analysis underlines the structural strength of ADA, setting the stage for a potential surge.
ADA Navigates Towards The Coveted $1 Mark
Despite recent fluctuations, ADA maintains a positive trajectory, hinting at an upcoming bullish trend that could propel it toward the coveted $1 mark.
The market analysis reflects a cryptocurrency in transition, oscillating between support and resistance levels, creating a favorable environment for a potential surge in the near future.
Featured image from Igor Mashkov/Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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