Cardano (ADA) has correlated with the broader market, experiencing a pullback from its yearly high of $0.810 in March to as low as $0.357 on June 22. Bitcoin (BTC) and Ethereum (ETH), showing a 2% increase in the last 24 hours and more than 12% in the last two weeks.
Explosive Rally for Cardano
Interestingly, technical analysts believe that ADA could be on the verge of an explosive recovery in the coming weeks, potentially retesting its yearly high and setting the stage for a surge above the $1 mark.
Crypto analyst Captain Fabik points to the confirmed Falling Wedge Breakout on ADA’s daily chart as the token breaks above the crucial $0.407 price mark on Tuesday.
Fabik predicts a roughly 70% rally for ADA in the coming months, predicting a price around $0.704, just below the yearly high.
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Echoing this sentiment, optimistic users predict a solid bullish recovery for ADA, expecting a move towards the $0.80 mark soon, citing the Falling Wedge pattern formed.
However, not all analysts share the same level of optimism. Crypto Bullet offers a more cautious outlook. While acknowledging the potential price increases For ADA, Crypto Bullet does not predict new highs in this bull cycle.
Instead, Crypto Bullet suggests 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.
Bullish sentiment surrounds ADA
Cardano (ADA), currently with a market cap of $14.6 million, shows more technical indicators on its daily chart suggesting a bullish continuation of the current uptrend.
Market Specialist Jesse Olson highlights the pending buy signal on the ADA daily chart, 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).
![Cardano Breaks Out of Falling Wedge Pattern, Analyst Predicts 70% Rally for ADA 1 Cardano](https://thegurumedia.com/wp-content/uploads/2024/07/GRffCEfasAAb9J1.png)
Analyzing the chart, Olson predicts a continued rise for ADA price, initially targeting the $0.470 mark, followed by a move just below the $0.550 level. According to the analysis, the final price target is $0.650.
However, despite the growing bullish predictions, several resistance levels still need 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 way to the $0.600 level, Cardano’s native token will encounter key resistance walls at $0.438, $0.503, $0.517, and $0.590. ADA must overcome these notable hurdles to reclaim previously lost levels.
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As bullish sentiment grows, attention turns to the upcoming Chang upgrade, which is expected to deploy a new set of governance features for Cardano.
This update aims to unlock the final features of on-chain governance, including delegated stakes and treasury withdrawals. The impact of these developments on ADA Uptrend remains to be seen.
Featured image of DALL-E, chart from TradingView.com