Several traders and analysts expect Cardano (ADA) to rise to a new all-time high soon. What do the charts predict for ADA?
“We’ll see new highs soon“
Like the entire crypto top 10, Ethereum competitor Cardano also had to drop a few percent in the recent market downturn. However, the decline follows a continuous increase: Cardano has fallen by more than 8% in the last 24 hours, but has gained around 12% in the last seven days. Cardano is currently trading at $1.71, still about 30% below its all-time high at $2.46. A good opportunity to get started? What do traders say?
The pseudonymous Analyst Kaleo commented: ADA is on the verge of a trend reversal – and new all-time highs are likely. He writes to his more than 317,000 Twitter followers:
“ADA / BTC has completed almost an entire move back to its recent highs from the dip. We should expect to see new highs soon.“
The Chartist complements:
After the BTC pair breaks out, a move back to $2+ and new all-time highs should follow.“
Smart Contracts-ultimate price driver for Cardano?
Popular crypto youtuber Lark Davis also credits Cardano with special potential. His Assessment according to the announced smart contract functionality at Cardano (to buy here at eToro) could become a massive price driver. Davis:
“We have been waiting for smart contracts for years. It was crazy … Better late than never, but you have to realize that the introduction of smart contracts on Cardano – this will be a great catalyst for this blockchain. I think in the run – up to the launch of these smart contracts, the price will continue to rise as people will be more and more enthusiastic that the entire ecosystem of Cardano is finally coming to fruition.“
Not-so-optimistic assess Trader Scott Melker (aka “The Wolf Of All Streets”) topped the Cardano charts. According to him, Cardano’s price action shows mainly one thing: indecision. Critical ADA level: the $ 1,50 limit.
“ADA / USD-really very brutal chart, really strange to look at. Not brutal because he is bad, but because there is a lot of sideways movement. Big move up, big move down. All kinds of indecision, wicks everywhere – just a very difficult to read chart. It is still clear that the $1,50 ish [Level] is an important level.“
“A few more weeks” until the bull run
Finally, an analysis by the Dutch professional trader Michaël van de Poppe. According to him, it could only be a few more weeks before markets are caught again by bullish momentum and massive gains across the board. He writes:
“ADA is almost back to yearly highs on the $BTC pair & $ETH is also performing well.
Probably a few more weeks, and then momentum starts to set in again.“
So it remains exciting: will the summer be bullish?