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Cardano (ADA), currently the seventh largest cryptocurrency by market cap, has faced challenges as it struggles to surpass the $0.30 mark. Although there has been no significant upside trajectory since last October, analysts remain optimistic and anticipate a strong rally for the ADA soon.
While the ADA is currently down around 92% from its all-time high of $3, there are positive indications of a potential price spike. After hitting a low of $0.22 last month, the cryptocurrency has recovered around 33%. Experts believe that this recovery is a promising sign and could set the stage for significant price increases in the coming months.
Analyst Insights on Cardano (ADA)
Renowned crypto analyst Alan Santana advises taking a long term perspective when evaluating potential ADA.
#Cardano long term targets. $4.5 and $7.77 visited & more.https://t.co/wPFEfebbhm #THERE IS | #ADAUSDT | #Altcoins | #Crypto
— Alan Santana (@lamatrades1111) July 2, 2023
“Viewing short-term charts can be fun and really helps find good entries for trading purposes,” he defended. “Now looking at the bigger picture is even better because, this way, we can focus on the long term.”
Santana has identified a three-stage sequence pattern that could drive ADA prices during the upcoming bull market. According to his analysis, the first two phases have already been completed, and the third phase is expected to follow soon.
Additionally, he predicts specific price targets for Cardano, envisioning a potential upside to $0.665 this year and even a jump as high as $1.34. Looking further ahead, the analyst also mentions the possibility of ADA hitting new all-time highs, with potential levels of $4.9 and $7.77.
Another analyst, Dan Gambardello, supports the idea of ADA’s upward momentum. He believes Cardano (ADA) is showing signs of upward momentum on the daily chartwith some indicators pointing to an upward continuation.
He highlighted the importance of ADA breaking the key $0.32 resistance level, which coincides with the 0.618 Fibonacci resistance and the 50-day moving average. Gambardello recorded higher highs and lower lows in the ADA trading pattern, indicating positive momentum. He points to a bullish divergence on the weekly chart’s Relative Strength Index (RSI), suggesting a positive outlook for ADA.
However, Dan Gambardello states in his video analysis that this is not a sure bet. But there’s plenty lining up the charts to suggest it plays a lot.
Current ADA Status
Despite ADA pricing difficulties, the Cardano ecosystem continues to grow, strengthening predictions of future price growth. Total Value Locked (TVL), in particular, has experienced exponential growth, jumping more than 148% in the first half of 2023. TVL ADA is currently valued at $164.47 million as per DefiLlama data.
At reporting time, ADA was trading at $0.2939, saw a decline of 1.57% in the past day but showed a modest gain of 4.82% over the past week. ADA price is at $0.2937 roughly 27% above its June low and 37% below its May high this year.
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