Cardano

According to Trend Rider, Cardano (ADA) might be poised for a significant upward trend. The analyst pointed out a positive pattern between two key moving averages, suggesting good prospects for ADA in the long term. They also noted similarities to a previous surge in ADA’s price, from $0.11 to $3.00.<h2 id="header-0">Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" />CoinMarketCap data reveals that ADA’s remarkable surge from $0.11 to $3 unfolded between December 2020 and September 2021, spanning approximately 10 months. Considering this timeline, it’s possible that a similar <a href="https://cryptosheadlines.com/terra-classic-bullish-pattern-signals-45-rally/" rel="noopener noreferrer nofollow">bullish pattern</a> could lead to another substantial increase in ADA’s value, albeit over a similar duration.<h3 id="ada-usd-daily-chart-analysis-potential-upside-towards-0-70">ADA/USD Daily Chart Analysis: Potential Upside Towards $0.70</h3>Analysis of the ADA/USD daily chart <a href="https://cryptosheadlines.com/bitcoin-witnessing-third-week-of-outflows-suggesting-negative-market-sentiment/" rel="noopener noreferrer nofollow">suggests a positive market sentiment</a> that could drive the price towards $0.70. However, the short-term outlook <a href="https://cryptosheadlines.com/shibs-past-performance-indicates-potential-double-digit-growth/" rel="noopener noreferrer nofollow">indicates potential</a> resistance around $0.65, hindering a breakthrough.Currently trading at $0.59, ADA faces a notable resistance at $0.60. A failed attempt to surpass this zone could lead to a decline towards $0.55. Conversely, a successful close above $0.60 might pave the way for a retest of $0.68.Notably, the 50-day Exponential Moving Average (EMA) has crossed above the 200-day EMA, forming a <a href="https://cryptosheadlines.com/shib-coin-nears-golden-cross/" rel="noopener noreferrer nofollow">golden cross</a>. This pattern typically signals a bullish breakout, <a href="https://cryptosheadlines.com/significant-1000-surge-in-shiba-inu-shib-burn-rate-suggests-potential-price-rebound/" rel="noopener noreferrer nofollow">suggesting potential for ADA’s price</a> to rise significantly in the long run.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines002-20.png?resize&#61;640%2C420&amp;ssl&#61;1" />ADA/USD Daily Chart (Source: TradingView)Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" /><h3 id="ada-price-forecast-potential-upside-to-1-18-amid-market-optimism">ADA Price Forecast: Potential Upside to $1.18 Amid Market Optimism</h3>Amid prevailing market optimism, ADA could potentially surge by another 100% within the next few months, reaching a price target of $1.18. However, if bearish sentiment dominates, ADA’s price may stagnate or continue trading within the range of $0.55 to $0.60.<a href="https://cryptosheadlines.com/chainlink-breakout-nearing-confirmation/" rel="noopener noreferrer nofollow">Also Read: Chainlink Breakout Nearing Confirmation</a>Currently, the Moving Average Convergence Divergence (MACD) on the ADA/USD 4-hour chart indicates a pause in <a href="https://cryptosheadlines.com/polkadots-dot-token-stays-around-5-35-with-weak-bullish-momentum/" rel="noopener noreferrer nofollow">bullish momentum</a>, with the MACD dropping into negative territory. Additionally, the 12 and 26 Exponential Moving Averages (EMAs) are trending downwards, suggesting a potential <a href="https://cryptosheadlines.com/pepe-coin-and-imx-rise-monero-faces-bearish-trend/" rel="noopener noreferrer nofollow">bearish trend</a>. If this downward momentum persists, ADA could <a href="https://cryptosheadlines.com/sol-price-lifeline-support-retest-signals-potential-17-breakout-confirmation/" rel="noopener noreferrer nofollow">retest support</a> at $0.54, corresponding to the 0.236 Fibonacci level.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines003-22.png?resize&#61;640%2C420&amp;ssl&#61;1" />ADA/USD 4-Hour Chart (Source: TradingView)On the other hand, a closer look at the Fibonacci retracement indicator reveals the potential for further upside in ADA’s price. If buying pressure resumes, ADA may experience a 13% increase, pushing its <a href="https://cryptosheadlines.com/big-bitcoin-etf-investments-boosting-btc-price-toward-55k/" rel="noopener noreferrer nofollow">price towards</a> $0.68, aligned with the 4.236 Fibonacci level.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Cardano Price Prediction: Can ADA Reach $3 Again?

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