Cardano Is Likely To Rise Against Bitcoin Irrespective Of the Current Price Trend In The Market According To Analysts

Cardano Latest News – You would have noticed that Bitcoin is losing its steam if you had been keeping a close watch on the cryptomarket. Simultaneously, other crypto assets are leveling off and Cardano has become noticeable in this regard. Cardano Price Prediction suggests the possibility of ADA rising against Bitcoin. Cardano (ADA) with a market value of $2.162 billion occupies the tenth spot as the most popular cryptocurrency. The recent “Shelley” upgrade of the Cardano network is expected to advance the blockchain towards its full decentralization. Being a fundamentally sound altcoin, the dip of ADA/BTC pair on July 16 to as low as 0.00000524 didn’t make any sense. However, the coin lost over 94% from its highest recorded value of 0.00008788.

Cardano News Today – Cardano Price Analysis – Cardano Price Prediction – The Bears Are Running Out of Steam

Cardano Price Prediction suggests a massive pump for the ADA token as it trades at a price where it can create a new base. The cryptocurrency labeled “Ethereum Killer” by some people has shown signs of carving a bottom.

Bears seem to be overextended on Cardano (ADA) as the token plunged so drastically. They are losing the energy to continue the downtrend. Cardano Price Analysis of ADA market chart shows that the bulls are in a position to take control of the market trend. Besides the support of 0.0000057 respected by ADA in the crypto market, a bullish divergence is already noticeable on the daily RSI.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.038-0.19%

Considering these positive signals, Cardano Price Prediction suggests a shift to a bullish trend. Sellers are also losing interest in dumping the token at its current price as the volume has greatly decreased over the past few days. Cardano is likely to emerge out of its 3-month slump. All it needs is a further push from the bulls as the token seems to be at the peak of a large falling wedge.

However, expectations are high that once the altcoin conquers the diagonal resistance of the falling wedge, fireworks will commence.

Cardano Price Prediction- Technical Indicators Favor Bullish Trend

Analysis of Cardano weekly chart shows that the ADA token is trading around the historic lows of 0.0000057. On July 16, the bears dragged the digital asset down to a lower level. However, the rapid response from the bulls pushed the price above the support the next day. Though the short-lived breach of the support may be seen as a bear trap, technical indicators are in favor of the bulls above the bear trap.

Cardano Price Analysis revealed that for the first time on Binance, the weekly RSI flailed oversold conditions. Also, the volume of the crypto recorded a significant increase on June 24. The increased capitulation volume indicated that many investors dumped Cardano token for Bitcoin when the altcoin plunged.

Cardano ADA is about to start a new cycle, having lost its gain in the last bullish run. Cardano Price Prediction suggests that investment on ADA token now may give a higher return if the coin didn’t witness a further dip. Crypto analysts predict over 120 % gain and 8% risk but there may be fresh lows.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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