TL;DR
Cardano (ADA) rose 4% this week, with one analyst predicting a potential 70% spike due to a bullish pattern.Indicators suggest the asset could see further gains, with some signaling a significant price increase by early 2025.Is It Time for ADA to Shine?
Most leading cryptocurrencies have plunged substantially in the past week, while the global market capitalization dipped by 3.5% daily, currently standing at around $2.35 trillion (per CoinGecko’s data). However, some assets are still in the green on a seven-day scale, with Cardano (ADA) being one example. Its price is up 4% for that period, while analysts expect much more significant gains in the near future.
ADA Price, Source: CoinGecko
The X user Captain Faibik claimed that ADA’s “falling wedge breakout” has been finally confirmed after a long consolidation, meaning a 70% rally could be in the cards.
The term refers to a certain bullish chart pattern that typically indicates a potential reversal in the price trend. It is characterized by two trendlines that converge downwards. A breakout usually occurs when the valuation crosses the upper one. That exact thing happened at the start of July.
The X user XForceGlobal was also optimistic. The crypto educator thinks there could be “a massive shift” from the meme coin narrative into “high-cap dino altcoins” in the following months. The analyst concluded that this could lead to huge volatility for ADA’s price and an eventual price explosion to almost $3 at the start of 2025.
Those curious to explore additional Cardano forecasts, feel free to take a look at our dedicated video below:
ADA is Gaining a Momentum
Some important indicators suggest that Cardano’s native token could be indeed poised for an uptick in the short run.
The Relative Strength Index (RSI), which gauges the speed and change of price movements, has been relatively low as of late, currently standing at 51. The metric varies from 0 to 100, with a ratio of over 70 signaling a possible correction.
On another note, ADA has earned a place in a prestigious ranking. According to the market intelligence platform Santiment, it is among the top 10 cryptocurrencies in terms of development frequency.