Ada could prepare for a huge pump in the coming weeks, with some analysts who view a profit of more than 130%.
In a post of 31 March, pseudonymous analyst RJT.Wagmi, with 124k followers, pointed out that Cardano seems to form a classic “abcde” triangle pattern, a type of consolidation structure that was often seen before large outbreak.
In this setup, the price moves in five different waves with the label A to E within a tighter range, usually ending with a strong movement in one direction.
According to the analyst, Ada is currently in the middle of the C -Golf, a downward leg, but once it has completed the D and E waves, a strong outbreak could follow the advantage.
RJT added that a bouncing of the 0.5-0.618 Fibonacci Retracementzone could serve as a launchpad for a movement to $ 1.5.
“This is where OGs buy,” he noticed, which implies that experienced traders tend to accumulate when this pattern arises.
Colleague analyst CW repeated a similar sentiment. He noted The fact that Ada respected its long-term trend and was floating to the lower limit of a symmetrical triangular pattern, a classic consolidation setup in which price between converging trend lines compresses.
According to the analyst, as soon as Ada breaks above the convergence zone, there is little to no resistance to $ 1.9. “Everything will start in an instant,” he wrote, pointing out that the persistent just like a bullish board.
According to Coinglass data, investors have usually collected the Altcoin, with net outflows that appear on most days since 3 March. This means that more tokens are achieved than added, a sign of strong belief belief in its long -term potential.
Add a new layer to the Bullish Case, Analyst Master Kenobi compared The current price action of Ada to his behavior in August – September 2024. At the time, Token saw a strong meeting after it had completed a long consolidation period.
With Ada who does not post a new layer after 3 February DIP to $ 0.49, just like in the previous cycle, he believes that a similar outbreak could unfold in May, which means that the price may push up to $ 2.5.
During the press, however, Ada was still under bearish, with its price in the last day by 6.2% fell at $ 0.64, while market capitalization was $ 23.3 billion.
ADA Technical Analysis
On the 1-day/USDT price diagram, the 50-day advancing average was above the 200-day advancing average, a bullish setup that signals the constantly persistent momentum and strengthens the case for a potential outbreak.
The Supertrend indicator has fallen below the price level and has turned green, another sign of a potential reversal in the trend.
The relative strength index, which drops to $ 3.9, looks ready to quickly reach the sold -over levels, which could encourage bulls to step in and push the price higher.
In the meantime, Ada’s MVRV Z-score has fallen to 0.0077-the lowest since the beginning of March what the average holder is approaching. This level often marks a point at which the sales pressure is facilitated and the accumulation begins, which increases the chance of a price distance when the market sentiment shifts.
Looking at data from Intotheblock, the price correlation of ADA with Bitcoin was 0.79 by 0.79 at time, but which indicates a strong positive relationship in the past 30 days. This means that the next step from Ada would depend on Bitcoin, who was on a falling trend for the American mutual rates of President Donald Trump.
During writing, Bitcoin (BTC) was traded at $ 81,484, about 7% fallen in the last 7 days.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
