The crypto market has been a battleground between the bulls and bears, with Cardano (ADA) caught in the crossfire. The bears have been dominant, causing ADA’s price to plummet to $0.39 on April 13.
However, the tides seem to be turning as the bulls stage a comeback, and ADA is inching closer to breaking above a critical resistance/support (R/S) level at $0.55.
This bullish momentum is reflected in ADA’s 8% seven-day increase, but the bearish sentiment still lingers, with ADA dipping by over 2% in the last 24 hours. ADA trades around $0.50. So, the big question is: Will ADA soar to the $0.80 mark, or will it succumb to the bears and drop again?
To determine ADA’s next possible move, let’s examine the daily chart closely.
Technical Analysis: Are the Bulls Strong Enough to Flip the Resistance?
Cardano (ADA) is currently trading closer to $0.55. This critical level could determine its next move. Based on the chart, if ADA manages to break through the $0.55 flip zone, it could potentially rally toward the following targets of $0.62, $0.69, and even $0.81.
Note that a successful breakout would also turn this level into a support zone, preventing the price from dropping.
Another crucial indicator to watch is the 20 Simple Moving Average (SMA) line of the Bollinger Band indicator. If ADA breaches above this line, it would be a bullish signal, suggesting that the buying pressure is increasing.
The Moving Average Convergence Divergence (MACD), which sits above the signal line with green histogram bars, shows signs of buying power. This indicates that the bulls are gradually gaining control of the market.
Investors wanting to buy ADA should watch out when it breaks above the Flip Zone before entering. Nonetheless, remember the crypto market is inherently volatile, often deviating from expected trajectories, so trade cautiously.
Analyst Predicts for $1 for ADA – Could this Bullish View Attract More Buyers?
Some well-known analysts in the crypto community are expressing optimism about ADA’s prospects. Seasoned analyst CobraVanguard has shared a positive outlook on Cardano (ADA).
According to the analyst, Cardano’s price had experienced a dreaded ABC wave during the recent crypto market crash. However, CobraVanguard believes that Cardano has completed this ABC wave, signaling the end of the correction phase.
The price has recovered above $0.5, and the bulls are regaining control. The analyst expects the recovery to continue, with the potential for new bullish waves to emerge.
To support his prediction, CobraVanguard pointed out several technical indicators. Firstly, the chart forms an ascending structure, suggesting bullish continuation.
Also, a bullish wedge pattern is emerging, which is a positive sign. Lastly, CobraVangaurd pointed out that high-potential areas for price targets are becoming clearer on the chart.
Regarding potential price targets, the analyst outlined a few key levels. First, he expects ADA to reach $0.77 in the initial wave, followed by a retracement to $0.64 before resuming the uptrend.
However, the analyst thinks the price might stop rising around $1.09, which is lower than some other experts project.
Cardano (ADA) Could See Massive Price Surge, Analyst Says
According to crypto analyst Ali, the Market Value to Realized Value (MVRV) ratio for Cardano (ADA) has dipped below -22%. This level has historically preceded significant price surges for the cryptocurrency.
The last time #Cardano‘s MVRV Ratio dipped below -22%, $ADA‘s price soared by over 75%. With the #ADA MVRV Ratio back under -22%, we could see another impressive rebound! pic.twitter.com/ABf0mp4pR4
— Ali (@ali_charts) April 19, 2024
Note that a negative MVRV ratio suggests that the asset is trading below its fair value, potentially indicating an undervalued asset with the potential for a price recovery.
Investor Sentiment and Potential Price Impact
Based on historical data, the last time Cardano’s MVRV ratio fell below -22%, the coin subsequently surged by as much as 75%. Such a significant price surge would boost investor sentiment and confidence in Cardano.
However, remember that past performance does not guarantee future results. Diversifying portfolios with upcoming low-cap germs like Solthana can help spread risks and minimize loss.
Slothana Set to Launch in Less Than a Week After $10M Raised
A new Solana meme coin, Slothana, is gearing up to take the crypto world by storm. Since its presale began, Slothana has been gaining massive attention from crypto investors. This is likely because the popular internet meme of an office worker sloth inspires it.
In less than a month, the project has gained over 23,000 X followers, and the speculation around Slothana is reaching top levels. This hype only got stronger during the presale round.
The presale didn’t follow the conventional purchase process. Instead, investors couldld send SOL to a designated wallet address to buy their SLOTH tokens. Over $10 million worth of SLOTH coinwereld in the presale.
With such massive funds raised, the Slothana team is now preparing for the token’s DEX listing scheduled for next week. Interestingly, the team offers a “last chance” to buy Slothana before the listing, and investors rush in while they can.
Meanwhile, the project is now ranked #2 in the top rating site ICOBench. Prominent YouTubers like ClayBro and Austin Hilton have shared positive views about Slothana on their channels.
As the crypto community eagerly awaits the upcoming DEX listing, it’s clear that Slothana is shaping up to be the next big thing in the world of Solana meme coins. To be part of this project, visit its official site.