Cardano (ADA) Poised for Potential Rise to $0.45 Amid Investor Interest
Cardano (ADA) with Potential for Price Increase: Is a Price Increase to $0.45 in Sight?
The cryptocurrency Cardano (ADA) could experience a significant price increase in the near future. The forecast of $0.45 does not seem unrealistic. Especially institutional investors are showing increasing interest in ADA, which could drive up the price.
The Last Few Months Have Been Crucial
The past three months have been crucial for Cardano. Numerous transactions worth over $100,000 have been recorded on the network. This increase in transactions indicates increased institutional interest in ADA. Analysts like Ali Martinez point out that whales, large investors, have also invested in ADA and emphasize the potential impact on the ADA price.
Technical Analysis Shows Bullish Trend
At the time of analysis, the ADA/USD 4-hour chart was in a solid bullish state. The Auto Fibonacci Extension shows that the 0.786 Fib level could serve as support for the Cardano token. Should ADA deviate from the upward trend, it could fall below this level. Another noted Fib extension level is 4.236. If the large transactions continue and the buying pressure persists, ADA could reach this level.
Caution with Long Positions
However, market participants should be cautious when opening long positions in ADA. The Relative Strength Index (RSI) was at 75.78, suggesting that the altcoin is overbought. Therefore, ADA could experience a correction.
Possible Price Development
If the ADA price falls, support at $0.388 could push it back up. If strong buying momentum occurs at this level, ADA could rise into the $0.45 region. An assessment of the Cumulative Liquidation Level Delta (CLLD) found that the indicator is at a very positive level. This could cause a full correction. Therefore, it is likely that the ADA price will fall to $0.38 in the short term. However, if sentiment around ADA remains bullish, the next target for the cryptocurrency could be around $0.45.
Sources: TradingView, HyblockCapital
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