ADA (Cardano) Is Ready For Massive Breakout That Will Outperform Bitcoin and Ethereum
Cardano’s price appears to be preparing for a massive rally, with its token potentially increasing by 30%.
Despite the fact that Cardano has been consolidating over the last nine weeks, the token is only now beginning to show bullish signs.
Cardano’s price could outperform Bitcoin and Ethereum in the next rally after breaking through a key resistance trend line.
Cardano’s price has been unable to pique the interest of investors, as it has continued to consolidate and fall lower toward $2. However, the popular altcoin may soon see its downtrend reverse, as ADA has displayed a bullish chart pattern with a projected 30% rise, potentially outperforming Bitcoin and Ethereum.
Cardano’s price suggests that this is the last chance to buy.
Cardano’s price continues to lag behind the two most important cryptocurrencies, Bitcoin and Ethereum, both of which have recently set new highs. While the leading digital assets are currently in price discovery, ADA is subtly preparing for a breakout, as it printed a falling wedge pattern on the daily chart, implying an optimistic 30% ascent.
Since September 7, the upper boundary of the current chart pattern has acted as resistance for Cardano price. As a result, a break above this level could reveal ADA’s bullish intentions.
However, the Cardano price still has a few obstacles to overcome before reaching the optimistic target. The upper trend line of the parallel channel at $2.18 is the first hurdle for ADA, followed by the 100-day Simple Moving Average (SMA) at $2.22.
Cardano’s price could soar 30 percent to $2.73 if it breaks through the previously mentioned resistance levels. It is critical not to underestimate the power of long-term consolidations such as the one for ADA. The last time the altcoin went through a long consolidation earlier this year, the token gained nearly 200 percent.
A daily close above the topside trend line of the falling wedge at $2.09 could give buyers confidence that the Cardano price will reach its bullish target.
If selling pressure on Cardano price increases, ADA will find immediate support at the 50-day SMA at $2.13, followed by the 23.6 percent Fibonacci retracement level at $2.10. More sell orders could cause the token to fall toward the upper boundary of the falling wedge, which coincides with the middle boundary of the parallel channel and the 21-day SMA at $2.06.
Cardano price has been lagging behind that of Bitcoin and Ethereum, but it is still a great opportunity for investors who may have missed the BTC and ETH rallies.
Bitcoin’s price is expected to rise 5% to $71,680, a 13% increase following the slice of a critical resistance trend line provided by the symmetrical triangle pattern.
ETH, on the other hand, keeps trending higher within an ascending parallel channel pattern on the daily chart, with a measured move of a over 12% climb if it manages to push above the prevailing chart pattern’s topside trend line.
After the actual crash in May and the subsequent consolidation, Cardano has been one of the strongest movers in the past month. It has been on a tear since August, approaching a new all-time high. So, should you anticipate another breakout after such a strong run?”
According to the crypto analyst, a “new impulse wave” for Cardano is unlikely to begin until the price moves sideways for a period of time.
I believe that if Cardano is valued at $100 billion at this point, it is unreasonable to expect the breakout to occur at the actual event, given that the actual event has already been priced in.
So what we’re seeing right now is that the price is returning to equilibrium, or the mean, and undergoing some consolidation before the next impulse wave can begin.
According to Van de Poppe, the “very important support level” on the Cardano/Tether (ADA/USDT) chart is around the $2 price, where an impulse wave is likely to begin after a consolidation phase.
“You should be looking at the $2 range as a critical support level…
…from here to $2, I believe you can simply DCA [Dollar Cost Average] and then prepare to watch the new impulse wave. So we’ll have some sort of consolidation after every major move.”
Cardano Isn’t Going Away.
The purpose of ADA and other crypto coins is legitimate. They store and grow wealth in the same way that gold does. Unless you choose to create them, they are not currencies. And, for that purpose, Cardano is more convenient to use than actual gold. I don’t have to look for a dealer or convert the cash into electronic funds. In seconds, I can liquidate and pay with my funds in currency at the point of sale.
If you still don’t see it, take a look at the performance aspect. The return on investment for those who dared to invest in cryptocurrency a decade ago has been enormous. Nothing else comes close to how well Bitcoin investors fared over the last decade. Doge and other short-term headline hogs are proving it yet again.
However, the rate at which they are doing it adds to investor skepticism. The wins can come so quickly that they appear to be too good to be true. There is only one way to find out if it’s a good investment and that is by giving it a shot. It didn’t matter whether the coin was real or fake once the money was in my bank. The ultimate profits are unquestionably real. Investors should be optimistic about their chances of success in those ventures.
Cardano coin has been trading sideways for several weeks and is now just above its critical support line of the 100-day moving average.
The digital asset is trapped within a narrow range, but it is above its critical moving averages of 100 and 200 days, and it is only a minor hurdle away from its short-term moving averages of 20 and 50 days.
The ADA/BTC pair is currently trading at 0.00003549 BTC, with an intraday gain of +2.52 percent, and the ADA/ETH ratio is currently trading at 0.0005399 ETH, with a 24-hour change of +1.38 percent.