Cardano is finally showing signs of strength, with heavy buying by whales driving its short-term price rise.
Analysts are now predicting that ADA could soon reach a new all-time high (ATH) – so is ADA the best crypto to buy right now?
The announcement that Cardano Founder and CEO Charles Hoskinson would likely be part of the Trump Administration’s crypto policy team sparked a significant price surge.
ADA price also received an additional boost following news that the digital asset would be relisted on popular exchange Robinhood ahead of the anticipated alt season.
$ADA is back on @RobinhoodApp pic.twitter.com/goMHhKwBFn
— ercsa7 🐍 (@ercsa7) November 13, 2024
Retail traders at Crypto X are also watching the ADA price chart which is in a consolidation phase, looking ready for a sharp spike upwards that could create a new ATH for Cardano.
Cardano Price Analysis: Is Cardano Heading For A New All-Time High?
After an impressive +56% increase over the past week, Cardano is now stable at a market price of 0.56 USD (24-hour change -2.4%).
This follows a bullish trend that pushed ADA price up for seven consecutive days before facing resistance at 0.70 USD, thus initiating a consolidation phase over the past 72 hours.
However, with strong support from ADA holders, consolidation above 0.50 USD provides an opportunity for ADA to breakout, as technical indicators show strengthening of the moving averages.
After experiencing a bearish divergence from the 20DMA, this key moving average is now rising and forming a much-needed golden cross with the 200DMA which also rose around 0.39 USD on Tuesday.
The consolidation phase is likely to continue until the rising 20DMA strengthens the price and triggers a surge above 0.50 USD.
On the upside, ADA price continues to target a breakout above 0.70 USD, with an additional resistance zone between 0.75 and 0.80 USD (+40% potential), which is the next stop on Cardano’s journey back above 1 USD.
On the downside, ADA price is at risk of falling to the current moving average of 0.40 USD (around -30%).
This gives ADA a risk:reward ratio of 1.4, a positive but moderate entry position in the short term. While not to be taken lightly, this is why smart investors are turning their attention to lower-cap coins that promise higher returns.
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