It’s head to head for the bulls as Cardano (ADA) deviated all the way to $0.54 as seen overnight. ADA price was spotted below the key resistance level of $0.55. Meanwhile, traders are optimistic that an impending breakout could occur down to $0.6 by next week.
Cardano (ADA) price is on an uptrend as the price spikes forming a bullish hammer pattern seen on the daily chart.
The precipitous uptrend on July 27, 2022 with price spotted at $0.45 pushed ADA price to incredible highs with its 30-day high of $0.55.
ADA seen climbing to $0.6 in the next few days
At press time, ADA price is seen below the $0.55 resistance zone with a triple top formation surrounding the area. More so, the price of ADA has climbed over 22% in the past five days and may still hit $0.6 in the next few days.
The crypto market showed confusing signals overnight, especially as BTC breached its $24,000 target and Ethereum consolidated at $1,700. Consequently, XRP dipped to $0.39 with DOGE also dropping by $0.07. Additionally, SOL also fell 4% and DOT rose 6%.
Judging from the 24-hour chart, ADA price is seen cascading and forms an extended ascending triangle culminating at a 30-day high at $0.55. The ADA price surge was followed by the formation of a sideways pattern with a price range of $0.45 to $0.50.
ADA’s RSI signals bullish momentum
This is the 24-hour RSI signaling that it is approaching the overbought zone spotted at 60.09, which could trigger a bull run or pull ADA price lower. ADA trading volume over the past 24 hours has seen a 24% drop, suggesting traders are on pause to determine the next pattern.
More so, the MACD curve or Moving Average Convergence Divergence curve always shows bullish momentum and gained a lot of traction with bullish divergence.
About 53 Fintech experts presented their price prediction for Cardano in July 2022. These crypto scholars predicted that ADA is expected to end in 2022 at the price of $0.63. Basically, judging by the current ADA price of $0.5, the forecast is for a pump price of 26% by the end of 2022.
Cardano originally forecast a higher price of $2.79 in January, but rivals such as Polkadot, Tron, Polygon, Solana, Avalance, and BNB Chain are giving the coin a “win it or lose it” game plan. . There is hardly any gray area for ADA or other altcoins at this point.
Moreover, other Fintech experts say that Cardano seems to be failing in terms of delivering updates as well as attracting more projects.
ADA Total Market Cap at $384 Billion on Daily Chart | Source: TradingView.com Featured image from ZyCrypto, chart from TradingView.com