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Despite some recent difficulties, a wave of optimism prevails over Cardano (ADA). Despite last week’s 5% drop, ADA has shown resilient performance, maintaining a positive outlook. Currently trading at $0.75, ADA has a 24-hour trading volume of $1.14 billion. ADA boasts a solid market value of $24 billion.
Analyst Sssebi Points to Promising Weekly Chart Trends
Renowned crypto analyst Sssebi indicates promising signs for ADA’s path and emphasizes the importance of understanding the broader context of weekly charts. ADA, trading above the 200-week moving average, is drawing a hopeful picture with significant green candles and a visible increase in buying momentum on the weekly charts. This situation signals an underlying strong trend.
Sssebi’s analysis offers a bright outlook for ADA, foreseeing a potential increase of 50-60%. Notably, the analyst points out that there are no major resistance levels as ADA rises towards $1.2. Accordingly, this supports the prediction of a relatively smooth path for the cryptocurrency in the near future.
This forecast aligns with the analyst’s positive assessment of ADA’s current position and the overall market sentiment. The analyst states at this point:
“If you have concerns about ADA, just looking at the weekly chart might suffice. You can see it’s above the 200-Week Moving Average with some big green candles and strong buying pressure. The upcoming week could be huge for ADA, with little resistance up to $1.2, we could see a 50-60% increase next week.”
Cardano Expected to Reach $3 by May
When examining past performance, ADA appears to follow patterns similar to previous market cycles. In particular, cycles where ADA experienced a significant drop of nearly 35% show similar trends. However, ADA not only recovers from these pullbacks but also surpasses its all-time high levels.
This situation supports analysts’ expectations of a significant rise in the coming months, with ADA potentially reaching a price level of around $3 by May. Beyond short-term predictions, ADA is said to be laying a solid foundation for future growth.
ADA Rises Towards $1 Level Despite Recent Fluctuations
The cryptocurrency, demonstrating resilience, moves between key support and resistance levels. Notably, ADA is observed to be supported by the 50-day moving average, which provides reliable support during pullbacks, at the $0.58 level.
Despite recent fluctuations, ADA is on a positive trajectory, and this development points to an upward trend that could lead it to the $1 level.
