|

Will Cardano price advance as analysts call it one of the favorite altcoins next to EOS and COLT to pop?

  • Cardano price sees bulls flirting with a second winning streak for the week.
  • ADA was earlier this week on its way to $0.415 but saw its legs being cut from under it. 
  • From a technical angle, ADA looks set to pop 40% higher.

Cardano (ADA) price is making the cut and has been shortlisted by several analysts that have put ADA in their top altcoin, primed to explode to the upside soon. ADA is flirting with a second week of gains and could recover its attempt to hit $0.415 as a crucial level for any further uptrend or downtrend. With Cardano being mentioned on that shortlist, several hedge funds and investors will keep and add positions in ADA to be part of any possible rally.

Cardano price has the wind in its sails

Cardano price was initially on its way to $0.415 after slicing through the 55-day and the 200-day Simple Moving Average (SMA). Unfortunately, the US Fed and the turmoil in the banking system scrubbed that plan and pushed price action back to the downside. ADA is working on the recovery this weekend and is on a good way to break $0.415 next week. 

ADA adding more and broader interest from investors and traders will see substantial support and continuous buying on a dip. Expect the equilibrium between bears and bulls to break in favor of the bulls and take out $0.415. With this longer-term projection, roughly $0.50 could be in the cards by the end of April.

ADA/USD  weekly chart  

ADA/USD  weekly chart    

The resistance risk could come from bears that have entered at large on the break back below the 55-day and the 200-day SMA. When ADA closes in the red by Sunday night, expect to see some severe follow-through, with Cardan price set to sink 14% next week. Support would be found near $0.30 as three weeks ago.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple holds $1.82 support as low retail demand weighs on the token

Ripple (XRP) is trading between a key support at $1.82 and resistance at $2.00 at the time of writing on Thursday, reflecting the lethargic sentiment in the broader cryptocurrency market.

Aster declines for fifth straight day despite buyback efforts

Aster trades under intense selling pressure, recording 3% loss at press time on Thursday. The perpetual-focused exchange resumed its Stage 4 buyback program on Wednesday and currently holds almost 52 million ASTER tokens.

Crypto Today: Bitcoin, Ethereum hold steady while XRP slides amid mixed ETF flows

Bitcoin eyes short-term breakout above $87,000, underpinned by a significant increase in ETF inflows. Ethereum defends support around $2,800 as mild ETF outflows suppress its recovery. XRP holds above at $1.82 amid bearish technical signals and persistent inflows into ETFs.

Bitcoin steadies near $87,000 as strong ETF inflows offset bearish pressure

Bitcoin is attempting to stabilize, holding near $87,000 on Thursday after this week’s pullback. Institutional demand shows signs of optimism, as US-listed spot Bitcoin Exchange-Traded Funds (ETFs) recorded fresh inflows of over $457 million on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.