Cardano: ADA Retests Before Breaking Out, Can It Hit $0.50 Mark Soon?
Cardano (ADA) is yet to explore its bullish potential to the fullest. The token has adopted a rather lethargic stance this season, despite encountering robust waves of ecosystem developments.
Per CoinMarketcap, ADA has been trading at $0.46 at press time, up 0.73% in the last 24 hours.
Also Read: Cardano: ADA To Pump At $10, Analyst Predicts
Cardano Retests: What’s Happening
Per Sssebi, a notable crypto analyst on X, Cardano is currently retesting the upper trendline of a triangle. Retesting of a token generally refers to a phenomenon when the asset comes back to test its significant support or resistance price spot. It does so to check whether it can breach it to break into bullish momentum.
Per the expert, ADA’s RSI indicators are also portraying a bullish divergence, signaling a bullish onset of the token.
The analyst later shared that if ADA manages to close and breach the $0.46 mark, it can soon show some significant price action.
Also Read: Cardano Weekend Price Prediction: How High Can ADA Go?
“$ADA is now retesting the upper trendline of the triangle, which BTC already broke. Bullish divergence on the RSI is also visible. If the ADA starts closing above 0.46, we could see a rally soon.”
$ADA is now retesting the upper trendline of the triangle, which BTC already broke.
Bullish divergence on the RSI is also visible.
If $ADA starts closing above 0.46$ we could see a rally soon. https://t.co/tbroOMcpT8 pic.twitter.com/CoixA9C9vx— Sssebi
(@Av_Sebastian) May 16, 2024
Cardano Weekend Forecast
The crypto community is eagerly waiting for ADA to break out. The community is hoping for stellar ADA price action due to its robust ecosystem development. With the Chang Hard Fork deployment reaching hard and fast, the token is expected to deliver greater results in terms of ecosystem and price approach.
Per CoinCodex, ADA may continue to face some friction along the line and shed 4% of its value to trade at $0.41 by May 21.
The token may also gain some of its valuation back by May 23, trading at the $0.43 price level.
“The Cardano price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Cardano projections, ADA will be changing hands at $0.432047 on May 23, 2024, losing 5.69% in the process.”
Additionally, by June 14, the platform shares that Cardano can gain nearly 4% again to trade at $0.48.
“According to our current Cardano price prediction, the price of Cardano is predicted to rise by 4.80% and reach $0.480098 by June 15, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 70 (greed). Cardano recorded 11/30 (37%) green days with 4.44% price volatility over the last 30 days.”
Also Read: Cardano: ADA Forecasted To Hit $2: Here’s When
Cardano ADA 2024 Forecast.
The platform has also prepared a 2024 price forecast for ADA. Based on the available statistics, ADA can hit $1 by the end of 2024 if it continues to follow the current market momentum.
“Cardano is forecasted to trade within a range of $0.421611 and $1.859121. If it reaches the upper price target, ADA could increase by 300.08% and reach $1.859121.”