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ADA, the native token of the Cardano ecosystem, saw a notable rise in prices, benefiting from the stagnation of Bitcoin (BTC) above the $52,000 level. With gains of 20% and 14% respectively over the past thirty and fourteen days, ADA has reignited bullish investor sentiment.
The token's recent performance has not gone unnoticed, as crypto analyst “Trend Rider” makes a bold price prediction, highlighting key indicators that suggest long-term potential. bull run for ADA.
ADA’s Bullish Potential Ahead
In a social network job on
The analyst drew attention to an indicator called Impulse Colors, which tracks the distance between prices and major moving averages. During the bear market, opposing trends were primarily indicated by fuchsia and pink hues, as shown in the chart below.
However, recent weeks have seen a return to dark blue, the most bullish color on this scale. Notably, this change in momentum last occurred in 2020, when ADA price rose from $0.03 to $1.4 before the re-emergence of pink hues.
Additionally, Trend Rider Underlines another positive development: the Wave Oscillator returned to the positive zone after 20 months. According to the analyst, this change indicates increasing bullish momentum for ADA.
The pivot level identified in this context is the $0.60 mark. To solidify this move, ADA price must hold and close above $0.60, which could catalyze a long-term bullish breakout.
It should be noted that this analysis is based on 1 month deadlinewhich significantly influences market movements in the long term.
These indicators suggest that ADA could be poised for a sustained uptrend, potentially paving the way for a long-term uptrend.
Cardano maintained an uptrend
According to the ADA/USD one-day chart below, Cardano's token reached a 21-month high of $0.679 on December 28, which marked the start of a period of volatility in The price of ADA. Following a price correction, ADA fell to $0.449 on January 23.
However, in line with the overall market trend, ADA has regained bullish momentum. However, this bullish move may face resistance from bears as it encounters various obstacles.
If the current uptrend continues in the coming weeks, ADA will need to overcome significant resistance levels that have hampered its growth above the $0.679 mark.
A successful consolidation above the critical $0.600 level will be crucial. ADA will soon face the $0.637 hurdle before potentially breaking above $0.670, the final hurdle before hitting $0.700. Reaching this milestone would favorably position Cardano’s native token to target the $1benefiting from the overall market growth expected in the coming months of 2024.
In addition to the bullish outlook for Cardano, ADA has set higher lows and higher highs during its price surge, indicating healthy price action and a sustained uptrend. However, it remains to be seen if this trend can be sustained or if declines will dictate the future price direction of ADA.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.
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