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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cardano Price Eyes Impulse Move After Bearish RSI Divergence Was Invalidated, Here’s The Target

Scott Matherson
Scott Matherson
4 months ago
3 mins read
Litecoin

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The Cardano price is currently eyeing an impulsive move to the upside following the invalidation of a bearish Relative Strength Index (RSI) divergence. In his analysis, crypto analyst Melika Trader revealed how high ADA could rally following this bullish channel formation. 

Cardano Price Eyes Impulsive Move To The Upside

In a TradingView post, Melika Trader predicted that the Cardano price could rally to between $0.90 and $0.94 as it eyes an impulsive move to the upside. The analyst observed that ADA recently experienced a sharp rally, breaking through resistance levels and establishing a new range. This could pave the way for the rally to these price targets. 

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Litecoin

Cardano Price Eyes Impulse Move After Bearish RSI Divergence Was Invalidated, Here’s The Target

4 months ago

Melika Trader further noted that a deceptive bearish RSI divergence was invalidated as the Cardano price continued its uptrend, confirming bullish momentum. Meanwhile, the analyst remarked that the ADA price is currently consolidating near the lower boundary of the parallel channel, suggesting a potential bounce from its current price level. 

Cardano
ADA set to grow to $0.90 | Source; Melika on Tradingview

In line with this, he stated that if the Cardano price respects the channel structure, then ADA could aim for the $0.90 and $0.94 range as the next resistance. Crypto analyst Ali Martinez also provided a bullish outlook for ADA, stating that the crypto looks ready to rebound as the TD Sequential indicator has flashed a buy signal on the 4-hour chart. 

Meanwhile, crypto analyst Paul stated that the nice Fibonacci count is working for the Cardano price with .618 higher lows. The analyst’s accompanying chart showed that ADA could reclaim the psychological $1 price level and rally to as high as $2.2 on the Wave 3 impulsive move to the upside. The chart also showed that ADA could then correct to as low as $1.2 before it reaches $3 on the Wave 5 impulsive move. 

Five Reasons Why ADA Can Reach $20 In This Market Cycle

In an X post, crypto analyst Sebastian outlined five reasons the Cardano price could reach $20 in this market cycle. The first is that Cardano could become a Bitcoin DeFi player, which is bullish for the ADA price. Secondly, if Cardano’s founder Charles Hoskinson becomes part of Donald Trump’s Crypto Advisory Council. 

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Litecoin

Cardano Price Eyes Impulse Move After Bearish RSI Divergence Was Invalidated, Here’s The Target

4 months ago

The crypto analyst also mentioned a Cardano ETF as one of the reasons he believes the Cardano price could reach $20 in this market cycle. Grayscale has already filed to offer one, which means that an ADA ETF could launch at some point. Meanwhile, the crypto analyst also mentioned Cardano’s potential partnership with Microsoft and the US Treasury being built on the Cardano blockchain as the fourth and fifth reasons ADA could reach $20. 

At the time of writing, the Cardano price is trading at around $0.8, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Cardano
ADA tradiing at $0.80 on the 1D chart | Source: ADAUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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