CandleFocus Cardano price prediction: ADA is primed for a 77% surge
2024-11-19
Author: Content Editor
Cardano (ADA) price has surged in the past three weeks, reaching its highest level since March. The coin has experienced steady gains after forming a double-bottom pattern and a cup and handle pattern, indicating a bullish trend. The MACD indicator and Relative Strength Index (RSI) also suggest further positive momentum. If Cardano breaks above resistance at $0.7941, the next point to watch will be the 38.2% Fibonacci Retracement level at $1.333. The recent surge in Cardano's price is in line with the overall crypto market comeback, influenced by Bitcoin's rally and the ongoing surge in Solana. The improving fundamentals of Cardano, including increasing transaction numbers, are also contributing to its price growth. The potential for crypto ETFs under the Trump administration and the Federal Reserve's easing policies add to the positive sentiment. However, some analysts caution that Cardano may be overvalued due to its limited ecosystem compared to other chains.
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