Analyst Predicts 60% Rally In Next 7 Days

Optimism surrounds Cardano (ADA) despite some recent hiccups. ADA stands resilient, maintaining a positive outlook despite a 5% decrease over the past week. Currently priced at $0.75, ADA demonstrates a robust stance with a 24-hour trading volume of $1.14 billion and a market capitalization of $24 billion.

Renowned crypto analyst Sssebi is charting an optimistic course for ADA, emphasizing the significance of the weekly chart in understanding the broader context.

Nestled above its 200-week moving average, ADA shows promise with significant green candles on the weekly charts and a noticeable uptick in buying momentum, signaling a strong underlying trend.

Source: Coingecko

ADA Primed For A Smooth Ascent

Sssebi’s analysis suggests a bright week ahead for ADA, predicting a potential surge of 50-60%. Notably, he points out the absence of major resistance levels until ADA hits $1.2, indicating a relatively smooth path for the cryptocurrency in the immediate future.

This projection aligns with the analyst’s positive assessment of ADA’s present positioning and the overall market sentiment.

Will Cardano Hit $3 By May?

After looking at ADA’s performance in the past, Sssebi notices similarities to past market cycles, namely the one in which ADA saw a substantial decline of almost 35%.

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Nevertheless, ADA not only bounced back from a significant pullback, but it also exceeded its prior ATH. The analyst projects significant increase in the following months, and based on this historical viewpoint, ADA might reach a price of $3 by May or approximately.

Ether market cap currently at $483 billion. Chart: TradingView.com

Technical Resilience, Foundation Building: ADA’s Strength Unveiled

Beyond the short-term predictions, ADA is described as constructing a robust foundation for future growth. The cryptocurrency showcases resilience by navigating between substantial support and resistance levels.

Notably, at the $0.58 mark, ADA finds reliable support with the 50-day moving average acting as a safety net during retracements. This technical analysis underlines the structural strength of ADA, setting the stage for a potential surge.

ADA Navigates Towards The Coveted $1 Mark

Despite recent fluctuations, ADA maintains a positive trajectory, hinting at an upcoming bullish trend that could propel it toward the coveted $1 mark.

The market analysis reflects a cryptocurrency in transition, oscillating between support and resistance levels, creating a favorable environment for a potential surge in the near future.

Featured image from Igor Mashkov/Pexels, chart from TradingView

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