Cardano ADA: $3 Again?
Cardano's (ADA) coin is challenging the declining trendline that has been a resistance level since March 14. This move follows a recovery off the weekly low of $0.32 and remains above $0.395, indicating bullish momentum.
ADA trades at $0.395 at press time, up 2.46% in 24 hours, making it the top gainer among the top 10 cryptocurrencies. This market optimism has raised its intraday market cap to $14.191 billion, putting it 10th in crypto. However, its 24-hour trading volume rose 13.86% to $294.95 million.
TradingView shows the ADA coin challenging its 4-month trendline. Breaking this level might suggest a positive breakthrough, keeping the coin above $0.40. This favorable move might boost ADA prices by 22%, exceeding June's $0.49 high, according to market analysts.
A bullish trend is indicated by RSI rising lows and highs.
ADA/USD 1-Day Chart TradingView (Source)
The RSI index supports this view. From the aforementioned study, the RSI makes higher lows and higher highs, suggesting a positive trend. The RSI at 53.11 implies ADA is not overbought, allowing price appreciation and a move over $0.49.
If the 4-month trendline holds, ADA prices may fall to $0.33. If this level fails, prices may go below $0.30, signaling a short-term bearish trend.
Cardano ADA: $3 Again?
Historical tendencies suggest a turnaround as Cardano prepares for the Chang Hard Fork this month. This long-awaited update, originally scheduled for Q2 2024, is likely to have several beneficial effects for Cardano, sparking price speculation.
Thus, aficionados compare the Chang hard fork to the 2021 Alonzo, which introduced smart contracts and raised ADA's price 130% to $3.10. Many expect the Chang Hard Fork to cause a market response.
