Cardano (ADA) is showcasing promising bullish signals on its daily chart, as noted by analysts Jesse Olson and Captain Faibik. Olson highlights a pending buy signal on the ADA/USDT chart, indicating an impending upward price movement. This is accompanied by a bullish divergence, where ADA’s price makes new lows while indicators like the RSI and MACD register higher lows. Typically, such divergence signals weakening bearish momentum and a potential trend reversal.
Breaking: #Cardano has a pending buy signal on the daily chart, targets have been set. 🎯
— Jesse Olson (@JesseOlson) July 2, 2024
• Bullish divergence ✅
• RSI buy signal ✅
• MACD bullish crossover ✅ pic.twitter.com/D3hlA2stru
RSI and MACD Indicators
The RSI is moving away from the overbought region, suggesting ADA might be undervalued and primed for upward movement. Additionally, the MACD indicator shows a bullish crossover, with the MACD line crossing above the signal line, indicating a shift from bearish to bullish momentum.
Related article: ADA Price Down 10.2% in 30 Days: Can Cardano Forge Ahead in the Next 30 Days?
Analyzing the chart further reveals several resistance levels between $0.45 and $0.65, acting as potential target zones for a price rise. ADA is also attempting to break above a descending trendline. Successfully breaking this trendline could signal a shift from the current downtrend to an uptrend, reinforcing the bullish outlook.
$ADA Falling Wedge Breakout is finally Confirmed after long Consolidation..✅
— Captain Faibik (@CryptoFaibik) July 2, 2024
Expecting +70% Bullish Rally in Coming days..📈#Crypto #ADA #Cardano #ADAUSDT pic.twitter.com/MO5pTnOkZh
Captain Faibik confirms a falling wedge breakout for ADA, a bullish reversal pattern typically leading to significant upward price movements. This breakout indicates the end of a prolonged consolidation phase, signaling strong bullish momentum ahead. Faibik projects a potential +70% rally, with price targets around the $0.90 to $1.00 range. This projection aligns with the typical performance following a falling wedge breakout, which often leads to substantial price increases.
Future Projections and Long-term Potential
As of June 2, various entities have weighed in on Cardano’s long-term price trajectory. Currently trading at $0.4159, ADA is 7% up from the previous week but still far below its all-time high of $3.10 reached in September 2021. Nevertheless, platforms like Changelly are optimistic about ADA’s future.
Related article: Cardano Loses Dev Race Ground Despite Ongoing Upgrades
They project that ADA could reach $100 by 2040, $300 six months after hitting $100, and $500 by 2050. Achieving these milestones would require ADA to grow significantly, with market valuations soaring to new heights.
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Cardano is showing strong bullish signals and potential for substantial growth. With indicators suggesting an imminent uptrend, ADA might be on the brink of a significant price surge.
