Cardano (ADA) brings high lows looks to test $0.50 this week

Cardano is noting high lows, which means that the pace is slower than expected, but a surge is within sight. The RSI is bullish, and so are the future predictions. It is next expected to test the resistance at $0.50. The only factor causing a hindrance is its inability to make a breakthrough past the current wave of red trades.

For reference, ADA is listed at $0.4316 when writing this article. That reflects a drop of 1.15% in the last 24 hours and 2.32% in the last 7 days. Plus, the market cap and 24-hour volume are down by 1.15% and 17.45%, respectively. Cardano is eventually poised to follow the trend that flagship cryptocurrencies set in the market – just the tentative timeline is out of range and hard to predict.

Coming in green is the surge of 15.60% within a week’s range. ADA is looking to surpass the milestone of $0.50, which will essentially translate to a growth of more than 115%. It is likely that Cardano will bank the said growth rate by the end of this week. Alternatively, it could mark an uptick in the next 30 days. There is a rising interest in altcoins amid attempts to diversify crypto holdings. Hence, ADA and other altcoins are rightly staging a decent performance on the trading board. Moreover, they are strongly backed by their respective communities in every possible way.

Several traders and investors are evaluating the current condition as a reason to buy the dips. This does not negate the fact that there are no more downtrends expected—it only establishes that ADA has a better and bullish future to look forward to. Many analysts are even predicting that ADA will fetch 15x returns after the market cap significantly rises on the chart. It is currently resting at $15.38 billion.

The next best value is $0.5 for ADA, Cardano, tentatively to be dropped by the end of the week or, at the maximum, by the first half of the year (2024).

Another side of the story narrates that a downfall is imminent if the token falls below $0.4. A bullish comeback from the rock bottom will paint a stronger picture for ADA. Analysts are looking at the lower side of the value with hopes that it will bring stability. Considering Cardano is marking high lows, it could make a stronger comeback that has already been backed by the Relative Strength Index (RSI).

Sssebi, one of the crypto enthusiasts, highlighted on X that Cardano is entering a mega bullish environment, which usually signals a bottom, followed by a major (bull) run.

The Cardano community is optimistic that the future is bold for ADA. A 15x return will mark a massive green trade, especially for quick-traders.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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