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