Cardano Price Forecast as ADA Breaks above Bearish Trendline: Will it sustain this Rally?

In the past few days, there has been a bullish sentiment around the entire crypto market, propelling the prices of altcoins massively. The euphoria of this growth affected the native asset of Cardano (ADA) significantly.

The coin saw a positive surge in its price, breaking free from a previous downward trend.

This recent development around Cardano's price has sparked interest among investors and analysts alike. The question now is whether this upward momentum will continue.

Cardano Price Action: ADA Sheds Off 3.9% from its Gains Despite Bullish Sentiment

According to CoinGecko, Cardano seems to have entered a correction phase where it may drop slightly. Cardano (ADA) has declined by 3.9% over the past 24 hours of trading session. However, the coin still maintained its gains in the longer timeframes.

Interestingly, the coin is up by 14.7% & 15.5% within the last seven days and fourteen days, respectively. Furthermore, in the past 30 days, Cardano (ADA) has sustained a growth of 16.4%.

Surprisingly, despite the bearish momentum in the past day, Cardano (ADA) is showing signs of a positive move within the last hour.

This might indicate that the correction phase is gradually over or the profit-taking investors are leaving the market. As of 5:13 a.m. EST today, Cardano is trading at $0.28 with a 24-hour volume of over $254,000,000.

According to CoinGecko information, the volume is down by almost 20% in the last day, signaling a fall in market activity. Nonetheless, the trading chart below will provide more insight into the next potential move of ADA price.

Cardano Price Analysis: ADA Breach Above Descending Trendline, Is $0.3 Next Target?

The coin's price is grabbing investors' attention as it breaks free from a pattern called the Descending Triangle. This indicates a potential shift in its trajectory.

Currently, the coin is attempting to breach another important indicator, Bollinger Bands. If it successfully crosses and maintains its position above this indicator, it could signal a further increase in value. Should this occur, Cardano (ADA) could go up to the next resistance level at $0.38.

Additionally, the Relative Strength Index (RSI), a measure of the coin's strength and speed of an asset, is sitting at 80. This suggests that Cardano (ADA) is in an overbought condition, meaning it might have experienced a rapid price increase recently.

This doesn't necessarily mean a downturn is imminent, but it does indicate the coin is currently at a high point. Generally, investors should exercise patience as the market is not yet clear for safe entry.

But, if the momentum persists and the price breaks the BB indicator, it could signal a further bullish move.

However, the crypto market is highly volatile as prices of an asset may shift in a split second. Given this, investors should employ other technical analysis tools before making investment decisions.

Whale's Accumulation Reach Three Month High, What Does It Mean for ADA?

Two days ago, on-chain analytics platform Santiment shared via X platform that the amount of ADA's whale transactions has surged massively. This means that there has been a notable increase in the movement of large amounts of ADA tokens.

According to the data, the accumulation data shows a 16% increase in the past seven days. Importantly, this level has been unseen since July, causing speculations among traders.

The surge in large transactions of ADA suggests that there's a notable interest from major players in Cardano.

But while ADA investors remain uncertain given the overbought level, they could diversify to a low-price crypto asset on presale.

New Ethereum-Based Presale Bitcoin Minetrix Nears $2M Milestone

Bitcoin Minetrix (BTCMTX) is marking its territory by successfully raising almost $2 million in funding. Among the many similar projects, Bitcoin Minetrix stands out as it brings a fresh and distinctive approach to the table.

Unlike most, this project aims to make Bitcoin mining more accessible by turning it into tokens, making it easier for regular investors to get involved.This means that Bitcoin Minetrix has the potential to make a significant impact in the market.

A Blend of Staking and Mining for Passive and Safer Crypto Earnings

>>>Visit Bitcoin Minetrix Presale

Bitcoin Minetrix introduces a unique concept known as Stake-To-Mine.' This method combines the advantages of regular staking with the capabilities of crypto mining. In the past, cloud mining often had issues with scams from third-party sources.

But with the $BTCMTX token, things are different, making it easier and safer for investors. Furthermore, the project is decentralized and operates on the secure Ethereum blockchain, adding more advantages.

This means it's very safe and resistant to common cloud mining problems. By staking, people holding these tokens can earn extra income without selling them. So, it provides a simple way to make money from their investment.

In addition, Bitcoin Minetrix gives out special tokens that can't be traded for Bitcoin mining power. It's also better for the environment compared to other mining methods because it doesn't produce as much heat and noise.

Another big benefit is the potential for the value of these tokens to go up a lot. Users have to lock up some of these tokens to earn mining credits.

This means fewer of these tokens are available for trading, which can make their value increase. Instead of getting paid in $BTCMTX tokens, users receive their earnings in mining credits, which helps lessen the pressure to sell more tokens.

Currently, the token is selling at $0.11 in its presale. Notably, the presale is divided into 20 different stages. Interested investors should visit the project's website and buy $BTCMTX using ETH, BNB, USDT, or a card.

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