Cardano (ADA) has shown a correlation with the broader market, experiencing a retracement from its yearly high of $0.810 in March to as low as $0.357 on June 22. However, ADA has now deviated from the struggles of Bitcoin (BTC) and Ethereum (ETH), exhibiting a 2% increase in the past 24 hours and over 12% in the past two weeks.
Intriguingly, technical analysts believe that ADA could be on the verge of an explosive rally in the coming weeks, potentially retesting its yearly high and setting the stage for a surge above the $1 mark. Crypto analyst Captain Fabik predicts a bullish rally of approximately 70% for ADA in the coming months, envisioning a price around $0.704, just below the yearly high.
While analysts like Captain Fabik are optimistic about ADA’s potential for a significant price increase, not all experts share the same level of bullishness. Crypto Bullet offers a more cautious perspective, suggesting that the highest ADA can reach during this cycle is the 0.786 Fibonacci level. The analyst sets macro targets at $1.15 and $1.80, highlighting the current gap of over 86% from ADA’s all-time high of $3.09 during the 2021 bull run.
Cardano (ADA) currently boasts a market capitalization of $14.6 million and shows further technical indicators on its daily chart, suggesting a bullish continuation of the current uptrend. Market expert Jesse Olson highlights the pending buy signal on the daily chart of ADA, accompanied by bullish targets set for the token. Indicators signaling this bullish sentiment include a bullish divergence, a buy signal on the Relative Strength Index (RSI), and a bullish crossover on the Moving Average Convergence/Divergence Indicator (MACD).
Despite the mounting bullish predictions, several resistance levels remain to be overcome. As ADA currently trades at $0.415, the token faces its first challenge at the $0.418 mark in weeks. On its path to the $0.600 level, Cardano’s native token will encounter key resistance walls at $0.438, $0.503, $0.517, and $0.590. The ADA must overcome these notable hurdles to reclaim previously lost levels.
As the bullish sentiment grows, attention turns to the upcoming Chang upgrade, which is set to deploy a new set of governance features to Cardano. This upgrade aims to unlock the final features of on-chain governance, including delegated representative participation and treasury withdrawals. The impact of these developments on ADA’s uptrend remains to be seen.
While there are varying opinions on the future price movement of Cardano (ADA), it is clear that the cryptocurrency has the potential for significant growth in the coming weeks and months. It will be interesting to see how ADA performs in the face of increasing bullish sentiment and key resistance levels. Additionally, the upcoming Chang upgrade could introduce new elements that impact ADA’s price trajectory. Investors and analysts alike will be closely monitoring these developments to gauge the future of Cardano.