Cardano Offering an Optimal Entry Point—Is ADA Primed to Rally Higher in Coming Weeks?
Cryptocurrency markets are dealing with the recent crash that saw Bitcoin price rise above $98,000 and they are aiming to recover $100,000 over the weekend. Meanwhile, third-generation coin Cardano is set to maintain a consolidated upward trend despite growing bearish influence. Therefore, ADA price is expected to see a strong rise and is expected to hit a new ATH before the end of the year.
Cardano is one of the coins believed to be growing by more than 20%, leveraging innovation, scalability and market adaptability to redefine the altcoin landscape. Meanwhile, Cardano founder Charles Hoskinson has outlined the platform’s roadmap, which is expected to prioritize decentralization and governance. Therefore, there is a great chance ADA price If the bulls manage to break above certain levels before the yearly close, the sharp uptrend will remain in place.
ADA price has bounced off temporary support just below $0.75, which appears to be a new monthly bottom. Although the bulls triggered the rebound, the intensity remained low as the volume has not yet reached the desired level. Furthermore, technicals continue to remain within bearish territory, suggesting that selling pressure continues to plague Cardano price gains.
The DMI just triggered a bullish crossover, but the levels failed to diverge from each other, indicating declining volatility. Additionally, they may be heading towards a bearish crossover while ADX continues its downtrend. On the other hand, RSI has triggered a bullish divergence, but it is yet to be verified.
Therefore, only if the weekly close is above $0.98, Cardano (ADA) price is expected to surge by 20% and return to yearly highs above $0.125. Otherwise, if bearish intensity intensifies, a pullback could see the price hit monthly lows of $0.75 or lower.
