Cardano Surges Past Important Resistance, Analyst Predicts ADA Could Reach $0.85 If This Happens

After an extended period scuffling below the 50 cent level, Cardano’s native token, ADA, has staged a breakout in recent days, surging as much as 20% off its recent swing lows. The move comes amid improving sentiment and upside conviction across broader crypto markets as investors debate whether a definitive bottom is forming.

ADA specifically seems to be benefiting from a technical pattern breakout after weeks of trading in a descending channel formation, according to analysis from trader groups. The World Charts note strong volume accompanied ADA’s breakout, stating significant bullish upside could emerge:

“Breaking Falling Wedge…With Strong Volume Incase Of Successful Breakout Expecting Massive Bullish Rally Towards 0.82-0.85$”

Bullish Scenario Faces Key Challenges

However, analysts at altFINS contend that ADA overall remains in a neutral posture, with the risk of downside volatility persisting. While the descending channel breach is an encouraging development and could carry 20%+ upside, ADA bulls face notable near-term challenges.

Source: altFINS – Start using it today

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

In addition to holding the breakout area around $0.46 as support now, clearing the psychological 50-cent barrier and 200-day moving average at $0.52 remains pivotal for bulls to wrest full control. At press time, ADA has surged past the $0.5 level and is trading at $0.5308 with an 8.5% surge in value over the last 24 hours.

You may also be interested in:

Still, signs of base-building support emerging, combined with ADA’s high long-term growth prospects, keep interest acute around current levels. Traders seem poised to react swiftly if Cardano technical indicators and blockchain adoption metrics continue to exhibit nascent signs of bottoming and positive momentum change. But sustainability remains in focus until ADA reclaims higher resistance and prior support zones are now transformed into overhead supply.

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

CaptainAltcoin
Logo