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

Christian Encila

2 years ago

3 mins read

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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.

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Image: Finder.com

Cardano Rolls With The Books

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.

ADA total market cap at $16.4 billion on the daily chart | Source: TradingView.com

Cardano Breaches $0.45 Levels, Targets Higher High

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.

Featured image from Daily Bruin, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.