Cardano Price Prediction: ADA Could See a 77% Surge

ADA Bounces Off Its Lows and Aims for More Gains Cardano’s price (ADA) has surged significantly over the past three weeks, reaching its highest level since March this year. Currently, ADA is trading at $0.7940, representing a 170% increase from its yearly low. Cardano at a Critical Turning Point Technical Analysis Indicates Potential for Further Growth The weekly chart shows that ADA is in a clear upward trend. After hitting a low at $0.3022, it formed a double-bottom pattern, a well-known bullish signal. Now, ADA faces resistance at $0.7941, the same level that capped its growth in March. This price sits just below the 23.6% Fibonacci retracement level. Cardano has also formed a “cup and handle” pattern, another bullish indicator. The MACD has moved slightly above the zero line, while the RSI indicates overbought conditions, supporting the possibility of further upward movement. If ADA breaks through its current resistance, the next target will be the 38.2% Fibonacci retracement level at $1.333, representing a 76% increase. However, a drop below the 50-week moving average at $0.4425 could trigger a decline to the yearly low of $0.2350.

Why Is Cardano’s Price Rising?

1. Positive Momentum in the Crypto Market Cardano benefits from the overall bullish sentiment in the crypto market. Bitcoin recently crossed the $92,000 mark and is heading toward $100,000, historically boosting the performance of altcoins like ADA.
2. Attractive Price for Retail Investors ADA is gaining traction as an affordable alternative to pricier tokens like Solana, which recently exceeded $250. Tokens trading below $1 appeal to investors looking to participate in the current bull run. This trend is also fueling growth in other tokens like Dogecoin and Ripple.
3. Improving Fundamentals According to Cardanoscan: The number of transactions has surpassed 99.49 million and is expected to reach 100 million soon.Daily transactions have increased from 39,000 at the start of the month to 104,000, marking a 166% growth.
4. Political and Economic Drivers Donald Trump’s recent election victory has created new opportunities for the crypto industry, including potential ETFs for Cardano.The Federal Reserve’s continued interest rate cuts are boosting risk assets like ADA. What’s Next for Cardano? Speculation on Major Partnerships Cardano founder Charles Hoskinson hinted at becoming an advisor in the new Trump administration, which could strengthen investor confidence.He also suggested a potential partnership with SpaceX, sharing a photo next to one of their rockets and hinting at “the biggest deal of his life.” Caution: Is Cardano Overvalued? Despite its growth, Cardano remains one of the most overvalued cryptocurrencies. Its eco lags behind newer blockchains like Base and Sui, with lower DeFi and DEX trading volumes. Summary ADA has strong growth potential, targeting $1.333, but investors should remain cautious of potential corrections. Long-term recovery will depend on eco development and the success of its speculated partnerships.

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