Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Cardano (ADA) Poised for Surprising Rally, Analysts Anticipate Major Gains

CoineditionCoinedition2024/02/01 14:53
By:Kelvin Munene
  • ADA’s rally potential grows as transactions surge, hinting at accumulation by major holders.
  • Smart contract activity on Cardano’s blockchain signals increased utility, fueling optimistic price forecasts.
  • Technical analysis reveals ADA’s RSI and MA crossover, pointing towards a potential bullish cycle amidst mixed market signals.

According to analysts, Cardano (ADA) appears poised for a rally that could catch many by surprise. In addition, recent analysis suggests that ADA’s price trajectory is shaping up in a way that could lead to substantial gains. This optimism comes despite ADA currently trading at $0.4924, down by 2.49%. However, while the market capitalization has dipped by 2.48% to $17,429,843,107, the 24-hour trading volume has surged by 4.65% to $468,232,128.

ADA/USD 24-hour price chart (source: CoinStats )

Influence of Large Holders and Smart Contract Deployments

Into the Block Insights indicate that large holders’ activities may influence ADA’s price dynamics. The platform’s data reveals a notable increase in transactions involving substantial sums of ADA, hinting at the potential accumulation by key market players. Concurrently, Cardano’s ecosystem continues to exhibit growth in smart contract deployments, signaling robust development activity and increased utility of the Cardano blockchain.

CARDANO Setting Stage For HISTORIC Rally!

In this video I explain why the current dip is exactly on schedule for ADA, and how Cardano is moving more powerfully this cycle than last.

Intro 00:00
Halving and timeline data 1:30
Cardano performing better this cycle 3:00
Coinledger… pic.twitter.com/HCs4HKAZf4

— Dan Gambardello (@cryptorecruitr) January 31, 2024

However, the Cardano community finds itself at a crossroads, with divergent views on the asset’s future trajectory. While some, like cryptocurrency observer Eric Wall, express skepticism about ADA’s ability to maintain its position among the top digital assets, others foresee a bright future. Dan Gambardello has been vocal about the potential for a dramatic price surge, suggesting that ADA could experience unprecedented gains.

ADA/USD Technical Analysis

Technical indicators, in addition, provide mixed signals for ADA. The Relative Strength Index (RSI) analysis suggests that while ADA has experienced bullish momentum similar to past cycles, there is room for correction. The RSI rating of 44 and moving south indicate that ADA may be approaching oversold territory. If the RSI continues to decline and falls below 30, it could indicate a potential buying opportunity for traders.

The intersection of moving averages, particularly the 20-week and 50-week, traditionally signals a transition between market phases. Current patterns indicate that the ADA might be entering a new bullish cycle sooner than historical trends have suggested, according to a crypto analyst. Moreover, on the 24-hour price chart, the 50-day MA (black) has crossed the 20-day MA (blue) from below, with the former and latter ratings at 0.554 and 0.504, respectively.

ADA/USD 24-hour price chart (source: TradingView )

In addition, the Money Flow Index (MFI) rating of 51.52 suggests moderate buying pressure in the market for ADA. If the MFI rating continues to increase and the moving averages maintain their bullish crossover, it could indicate a strong upward trend for ADA soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Critical FED Interest Rate Decision Expected in Bitcoin Today! What Time Will It Be Announced? Here Are the Expectations and Things to Know!

While the FED's interest rate decision is awaited in Bitcoin today, it remains unclear whether the FED will reduce interest rates by 25 basis points or 50 basis points.

Bitcoinsistemi2024/09/18 20:06

Last Minute Interest Rate Announcement from BofA and Two Companies – Here is the Decision They Expected Just Ahead

Analysts from BofA and two other firms shared their latest expectations for the Fed's interest rate decision, which is now just minutes away.

Bitcoinsistemi2024/09/18 20:03