Next Week Will Be Huge for ADA: Bulls Eye 60% Rally With Little Resistance, Key Levels to Watch
T Analysts and traders alike are pointing to Cardano’s strong technical indicators, suggesting that the next week could be a game-changer for ADA holders.
One popular analyst, Sssebi, took to Twitter to share his bullish outlook. “If you are ever concerned about $ADA, just look at the weekly chart,” he wrote. “Above 200 Week Moving Average with some huge weekly green candles and huge buying pressure. Next week will be huge for $ADA, there is not much resistance until $1.2, we could see a 50-60% increase next week.”
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Show more +The 200 Week Moving Average is a long-term trend indicator that smooths out price data over a 200-week period. When a cryptocurrency’s price is above this average, it’s generally considered a bullish signal, indicating that the long-term trend is upward.
Echoing Sssebi’s sentiment, altFINS, another respected crypto analysis firm, shared their own trade setup for Cardano. “Price is in an Uptrend,” they noted. “Bullish break above $0.68 resistance, where it got rejected in late 2023, signals continuation of uptrend, with +47% upside potential to $1.00 next.”
In technical analysis, resistance levels are prices where a cryptocurrency has faced selling pressure in the past, making it difficult for the price to rise above that level. Conversely, support levels are prices where buyers have stepped in, preventing the price from falling further. Breaking through a key resistance level, as Cardano did with $0.68, is often seen as a bullish signal.
altFINS also highlighted some key levels to watch: “Nearest Support Zone is $0.65 – $0.68 (previous resistance), then $0.46. The nearest Resistance Zone is $0.80, then $1.00.”
With Cardano currently trading at $0.72, the predictions of a surge toward $1.00 or even $1.20 had investors on the edge of their seats, eagerly awaiting the next week’s price action.
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