Amid cryptocurrency market turbulence, Cardano appears poised to turn the tide. A seasoned analyst predicts a significant ADA price surge ahead, presenting French investors with a golden opportunity.
Although Cardano’s price has dropped by 2.35% to reach $0.72, analysts remain optimistic about its future. According to a descending wedge chart pattern, a bullish breakout followed by the resistance line flipping to support is a strong signal for buyers, indicating they’re gaining momentum.
In this scenario, if the broader cryptocurrency market experiences a recovery, Cardano’s price could surge by 101% to reach $1.35, with $5 as a long-term target. However, the chances of SEC approval for a Cardano ETF have recently diminished, creating some uncertainty.
From a technical perspective, ADA has a bearish trendline to break through, which almost guarantees a rebound to over 94 cents in the coming weeks if the market continues its short-term uptrend.
Subsequently, ADA could reach between $1.08 and $1.20. The $1.35 level would primarily help capture liquidity above the March 11 high. However, taking profits at $1.19 remains a more cautious approach in an altcoin market that’s still very indecisive.
Despite this setback, Cardano’s growing presence in decentralized finance (DeFi), with over $325 million in total value locked, and the “Midnight” airdrop increasing its holder count to 3.1 million, keeps investors hopeful.
While bullish predictions for Cardano are encouraging, investors should remain vigilant about potential challenges. The chances of SEC approval for a Cardano ETF, as well as the broader altcoin market evolution, will be crucial elements to monitor in the coming months.
Additionally, Cardano’s ability to maintain its momentum in the DeFi sector and attract new holders through initiatives like the NIGHT airdrop will be essential to support a sustainable price increase.
From a short-term technical perspective, the $0.745 zone will be crucial to watch. If this bearish trendline is broken, ADA could return to $0.80 soon. Conversely, it’s absolutely necessary to maintain support at $0.72.
ADA remains an interesting long-term investment as its DeFi ecosystem experiences renewed interest. Moreover, ETFs will provide the crucial institutionalization that Hoskinson’s blockchain needs.
Here’s a guide to invest in Cardano right now on Bitget :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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