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Cardano Price Prediction: Is the Token Set to Rise Further? Will ADA Reach $1 Following a 20% Pump?

Cardano has fared as one of the best-performing major cryptocurrencies this week after surging 20%. This puts it at $0.29, its highest price since August.

With its price down 90% from its all-time high (ATH), could ADA be gearing to explode, or is the recent pump a mere bull trap?

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Ben Armstrong

Cardano is moving towards the 200-day EMA after trading below it since May. The EMA acted as resistance in July, causing ADA to dump significantly. However, there has been a recent uptick in trading volume, signaling a growing interest in the project.

If it breaks the 200-day EMA, we will likely see a longer-term reversal to the top of its bear market range between $0.41- $0.45.

However, a break above this range is unlikely until after the Bitcoin halving, when the crypto market is expected to enter a bull rally.

Another interesting consideration is a downtrend breakout on the RSI indicator. This is an early sign of a trend reversal, which increases the likelihood of a longer-term pump when coupled with the other factors.

However, we must also consider that the RSI is within the overbought region, a sign of a potential pullback as buyers become exhausted. If this occurs at the 200-day EMA, we could see a significant downward movement, potentially creating a new bear market low.

TradingView analyst CobraVanguard recently highlighted a wedge breakout and speculated a pullback to $0.27, followed by a pump to $0.32.

Meanwhile, trader MyCryptoParadise_Nathan notes a descending channel break out and points out that the first price target is $0.32. However, the analysis also highlights that a break below its $0.27 level will shift ADA from bullish to bearish, opening the door to a downward trajectory.

Yet prominent YouTuber and crypto analyst Coin Bureau recently predicted that ADA could climb to $24 in the next bull run.

However, we must also consider that Cardano remains in a long-term downtrend, so there remains a risk of further downside movement before the next bull run occurs.

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GambleFi Token TG Casino Touted to 10x as it Nears .5M on Presale

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Coin Bureau

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The innovative blend of compelling tokenomics and a cutting-edge casino platform has caught the attention of esteemed traders.

Recently, popular YouTuber Cilinix Crypto called TG Casino a 10x potential presale, noting its promising use case and buyback mechanism as to why.

Currently, the TG Casino presale is priced at $0.1375, but with its price set to rise in five days, potential buyers must act fast.

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Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.


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