CandleFocus

Here’s why Cardano (ADA) could hit $1.40 in its next major move 

Author: Content Editor
Cardano (ADA) has been experiencing significant price gains and is currently at its highest level since March 2024. The cryptocurrency has risen by almost 120% from its lowest point this year, leading some analysts to believe that Cardano may be gearing up for its next major move, with a target price of $1.40. Various technical indicators, such as the formation of a one-day Golden Cross and a favorable Relative Strength Index (RSI), support this bullish sentiment. The resistance at $0.8200 is seen as a critical level that ADA needs to break through for further upward movement. Analysts project that if ADA successfully breaks this resistance, it could rally towards the $1.40 mark. As market consolidation continues, Cardano's ability to maintain levels above the Parabolic Line is seen as inviting increased buying pressure, reinforcing the bullish outlook. Increased investor confidence and a potential collaboration between Cardano's founder and President-elect Trump have also contributed to the positive sentiment. Derivatives market activity shows heightened interest in ADA, and the token has experienced substantial growth in the past month. Traders should remain cautious and monitor macroeconomic developments and RSI dynamics to evaluate the sustainability of the bullish trend. Overall, ADA has shown promise for near-term gains, with a potential all-time high of $6 projected by 2025.

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