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As the altcoin season approaches, Cardano (ADA) Gains Momentumafter posting a more than 14% gain in the past week, according to CoinMarketCap. Notably, one cryptocurrency analyst has identified a strong buy signal for ADA, suggesting it could lead to a launch Equivalent rally Which could push the Cardano price to new record highs of around $5.
New Cardano Buy Signal Could Send Price to $5
On September 24, cryptocurrency analyst TradingShot said, Published Detailed analysis and report on Cardano price movements, with a focus on key technical indicators for forecasting. Cryptocurrency price in the futureAccording to the analyst, Cardano is currently offering one of the strongest long-term cryptocurrencies. Buy signals Possible in weekly time frame.
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Based on this strong buy signal and other technical indicators, the crypto analyst expects that Cardano It may start a new parabolic rise in the coming weeks. The rising trend line is expected to set a resistance level for the prices. ADA Price Actionwhich could prompt an increase to $5.
Highlighting these technical indicators, TradingShot revealed that Cardano’s 1W Logarithmic Moving Average Convergence Divergence (LMACD) is finally forming a bullish crossover. In Cardano’s case, this bullish crossover is the first to form since October 9, 2023, and it currently signals a strong buy signal that could ADA is pushing towards an upward trend..
Moving forward, Cardano’s Relative Strength Index (RSI), a momentum indicator that measures the speed and change of an asset’s price movements, has been “ranging” since May 2024. This means that the cryptocurrency has been trading below the 1W 50-period moving average (MA50) on the weekly chart.
Based on these key technical indicators, TradingShot drew a comparison between the previous crypto bull run and Cardano’s recent price movements. He noted that: Current ADA Market Conditions It was almost the same indicators during the 2021 bullish cycle. At that time, the Megaphone indicator appeared bullish on a bullish crossover of the LMACD 1W indicator, followed by a bottom formation resulting from a bullish crossover of the MA50/MA100 1W indicator while the RSI 1W indicator was in a consolidation phase.
As a result, the analyst suggested that these recurring technical indicators were a signal that Cardano could be preparing for a… Big price hikeHe boldly predicted that ADA will rise from its current price of $0.38 to $5, marking the next peak of this bullish cycle.
Analyst Says “ADA Will Hit $1 Before Christmas”
In contrast to TradingShot’s ambitious $5 target, ADA Price PredictionAnother crypto analyst, identified as “Deezy.eth” on X (formerly Twitter), On display More conservative cryptocurrency forecast. Deezy.eth predicts Cardano price to hit $1 before December 25, 2024.
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The analyst based his optimistic expectations on several factors that he considers: Bullish Motives for CardanoThis includes the bullish divergence of the weekly time frame of ADA, the beginning of a four-year rate cut, and the recent launch of Cardano Change Hard Fork The low attractiveness of ADA’s “low float and high financial value”.
Featured image created using Dall.E, chart from Tradingview.com
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