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Cardano – Why ADA’s rally to $1.20 may be just beginning
In a remarkable turn of events, Cardano (ADA) has seen a 4.88% price gain over the past 24 hours, with its daily trading volume increasing by an astonishing 74%. This sudden surge in price and volume has led many analysts to speculate on the future trajectory of ADA’s value.
According to Akashnath S, Senior Journalist and Technical Analysis expert at AMBCrypto, Cardano’s rally is not only a short-term phenomenon but may potentially be just beginning. In an exclusive analysis, he reveals that as long as ADA stays above $0.755, the short-term bias would remain bullish, paving the way for further price increases.
While many may argue that ADA’s recent gains are closely tied to Bitcoin’s (BTC) own rally, Akashnath believes this notion to be a misconception. In his analysis, he highlights several key indicators suggesting that Cardano is on the cusp of a significant upswing, regardless of BTC’s movements.
Using advanced chart patterns and expert technical analysis, Akashnath has identified crucial support levels, namely the $0.755 threshold, which if respected, would confirm the bullish trend and signal further gains ahead. Furthermore, the altcoin’s recent price action has shown a confluence with its moving averages on the daily chart, bolstering his thesis that ADA is primed for a significant upward trajectory.
Moreover, both the MFI and CMF indicators are indicating strong buying pressure in the short-term, which further solidifies Akashnath’s prediction.
Source: ambcrypto.com
