According to CryptoPotato, Cardano (ADA) has experienced a 4% increase this week, with some analysts predicting a potential 70% surge due to a bullish pattern. Despite the global market capitalization dipping by 3.5% daily, currently standing at around $2.35 trillion, some assets like Cardano (ADA) have remained in the green on a seven-day scale.
Analyst Captain Faibik has confirmed ADA’s 'falling wedge breakout' after a long consolidation, suggesting a 70% rally could be on the horizon. This term refers to a bullish chart pattern that typically indicates a potential reversal in the price trend, characterized by two trendlines that converge downwards. A breakout usually occurs when the valuation crosses the upper trendline, which happened at the start of July.
Another analyst, XForceGlobal, also expressed optimism, predicting a 'massive shift' from the meme coin narrative into 'high-cap dino altcoins' in the coming months. This shift could lead to significant volatility for ADA’s price and a potential price explosion to almost $3 at the start of 2025.
Several important indicators suggest that Cardano’s native token could be poised for an uptick in the short run. The Relative Strength Index (RSI), which measures the speed and change of price movements, is currently at 51. The metric ranges from 0 to 100, with a ratio of over 70 signaling a possible correction.
In addition, ADA has earned a place in a prestigious ranking. According to the market intelligence platform Santiment, it is among the top 10 cryptocurrencies in terms of development frequency.