Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

It’s no surprise that Cardano has been gaining traction on price. ADA spiked by as much as 35% in just a week with price trend going the same route as last week’s forecasts. If you have been holding and trading Cardano for the longest time then the past couple of weeks have predictably been a great rollercoaster ride.

When Bitcoin showed new spark of vigor starting July 19, Cardano was warned of a bearish trend and a potential liquidity happening in the $0.40 range.

ADA dipped by 12% which worked towards the bears. However, the bearish momentum is perceived to be otherwise short-lived as it failed to hold it at the $0.40 zone. ADA price did overshoot to $0.54 with $0.40 tagged as support zone.

Suggested Reading | Binance Coin Trading Volume Up 35% As BNB Spikes To $274

Cardano definitely rolled according to the books. The token is currently trading at $0.50, up 11% in the last seven days, data from Coingecko show, Thursday.

ADA price is seeing two types of scenarios. One, its price may drop from $0.52 to just $0.35 region, or its price may go up to around the $0.65 zone.

For those who are looking for higher targets, there is an uptrend signal which reveals a breach right below $0.472. The crypto was recently able to break past the resistance level of $0.45 and is now going for a higher high. In fact, there are strong technical indicators signifying that ADA can go shoot as high as 51% if it keeps up its steady rally.

ADA appears to be gaining bullish momentum after overcoming a significant supply wall. Technical indicators suggest that as long as ADA continues trading above $0.50 it may have the potential to advance further.

Suggested Reading | Dogecoin Shows Signs Of Vigor – DOGE Target Of $0.075 Within Range

ADA has been increasingly bullish as it was able to break the resistance level signaling a new uptrend forecast. After succumbing to a tedious consolidation period spanning three months, ADA’s price is now enjoying a 23% increase. 

The uptrend was brought about by Cardano recently overriding the $0.45 resistance level. Additionally, intensified buying pressure can push ADA prices higher as the support zone or level gets breached.

The token had managed to break away from the descending triangle based on its 12-hour chart and is seen to increase to around 51% following its successful breach at the $0.45 zone. Once this is done, it could push for an uptrend targeting $0.70.

However, in order to aim and shoot for higher highs, ADA should be able to hold it at the level of $0.50. If it fails to hold it at that range, it could be seen as a weak spot which could trigger mass selloff. If this happens, ADA may slide down to $0.45 or could even dangerously drop to $0.38.