CandleFocus Cardano’s ADA Flashes ‘Strongest Buy Signal’ in a Year Signaling Potential 1,200% Surge
2024-09-26
Author: Content Editor
The native token of the Cardano blockchain, ADA, has experienced a 35% decline in value so far this year, currently trading at $0.38. However, a cryptocurrency analyst believes that ADA could surge to reach $5, representing a rise of over 1,200%. The analyst points to a bullish cross formation on the one-week Logarithmic Moving Average Convergence Divergence (LMACD) indicator, which indicates a significant shift in momentum. Additionally, ADA's current conditions, such as consolidating below its 50-week moving average and the 1-week Relative Strength Index (RSI) ranging since May, are similar to previous bullish cycles that led to significant price increases. Another analyst also suggests that ADA could rally over 1,000% against Bitcoin based on a bullish divergence.
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