Cardano (ADA) has risen by 4% this week, with an analyst predicting a potential 70% surge due to bullish market patterns. Indicators suggest further upward movement, with signs pointing to a significant price increase by early 2025.
Is it ADA’s time to shine?
Most leading cryptocurrencies have seen substantial declines over the past week, with global market cap decreasing by 3.5% daily, currently around $2.35 trillion according to CoinGecko’s data. However, some assets have remained in the green over the seven-day period, Cardano (ADA) being a notable example. During this period, its price has increased by 4%, with analysts expecting larger gains in the near future.
ADA Price, Source: CoinGecko
User X, Captain Faibik, claims that after a prolonged consolidation phase, ADA’s “falling wedge breakout” has finally been confirmed, potentially leading to a 70% rebound.
This term refers to a specific bullish chart pattern typically indicating a potential reversal in price trend, characterized by two converging downward trend lines. Breakouts usually occur when valuation crosses above the upper limit, as happened in early July.
User XForceGlobal also holds an optimistic outlook. This cryptocurrency educator believes there may be a significant shift from meme coin narratives to “high-ceiling dinosaur altcoins” in the coming months. The analyst concludes this could lead to substantial fluctuations in ADA’s price, potentially soaring to nearly $3 by early 2025.
For those interested in exploring more Cardano predictions, please check out our dedicated video below:
ADA Gaining Momentum
Several key indicators suggest that Cardano’s native token indeed has potential for short-term gains. The Relative Strength Index (RSI), which measures the speed and change of price movements, has recently been relatively low at 51. The metric fluctuates between 0 and 100, with readings above 70 indicating possible overcorrection.
On the other hand, ADA has secured a notable position in a well-regarded ranking. According to market intelligence platform Santiment, it is among the top ten cryptocurrencies in terms of development frequency.
