Cardano’s ADA Coin Gains Momentum as Altcoin Season Approaches
Cardano (ADA) is making waves in the cryptocurrency market as it gears up for the altcoin season. With a remarkable 14% increase in the past week, according to CoinMarketCap, ADA is on the rise. A crypto analyst has even identified a strong buy signal for ADA, hinting at a potential parabolic rally that could propel the price of Cardano to new all-time highs around $5.
Cardano Signals Strong Buy Signal for Potential Rally to $5
On September 24, TradingShot, a renowned crypto analyst, published an in-depth analysis of Cardano’s price movements. The focus was on key technical indicators that could forecast the future price of the cryptocurrency. The analyst highlighted that Cardano is currently flashing one of the most powerful long-term buy signals possible on the weekly time frame.
Based on this robust buy signal and other technical indicators, the analyst predicts that Cardano could kickstart a new parabolic rally in the upcoming weeks. The expectation is that the higher highs trend line will act as a resistance level for ADA’s price movements, potentially driving the price to $5.
TradingShot pointed out that Cardano’s 1W Logarithmic Moving Average Convergence Divergence (LMACD) is forming a bullish cross, signaling a strong buy signal that could push ADA towards an uptrend. Additionally, Cardano’s Relative Strength Index (RSI) has been in a consolidation phase, indicating a potential upward movement in price.
By drawing parallels between the current market conditions and the 2021 bull cycle, the analyst suggested that Cardano might be gearing up for a massive price rally. The bold prediction forecasted ADA’s rise from $0.38 to $5, marking a significant milestone for this bull cycle.
Analyst Predicts ADA to Reach $1 Before Christmas
Contrary to TradingShot’s ambitious $5 price prediction for ADA, another crypto analyst, known as ‘Deezy.eth’ on X, has offered a more conservative outlook for the cryptocurrency. Deezy.eth predicts that Cardano will hit $1 before December 25, 2024.
The analyst’s optimistic projections are based on several factors, including ADA’s weekly time frame bullish divergence, the initiation of rate cuts after four years, the recent Cardano Chang hard fork launch, and the decreased appeal of ADA’s “low float, and high FDV.”
It’s an exciting time for Cardano as it gains momentum in the crypto market. With promising signals and bullish predictions, ADA holders and enthusiasts are eagerly anticipating a potential surge in price in the coming weeks.