Crypto analyst makes bold predictions as Cardano (ADA) experiences bullish trend
Crypto analyst makes bold predictions as Cardano (ADA) experiences bullish trend
Cardano has experienced a significant price increase following a similar trend in the crypto markets in recent weeks. The launch of new updates on the Cardano ecosystem has also contributed to these bullish sentiments, and several analysts have started making strange predictions about the future of ADA.
The latest person to make a prediction is popular cryptanalyst Ali who mean that Cardano is about to make a significant breakout that will increase its price to $0.60. Ali made this prediction in response to a question on Twitter from LunarCrush, a crypto social analytics platform.
Ali supported his prediction with a chart of Cardano’s price that indicated a head and shoulders pattern. According to the analyst, when Cardano hits this pattern, it could potentially ignite a 44% increase in the price of ADA.
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The Head and Shoulders chart pattern is a price reversal pattern that enables traders to detect when a trend has ended. So the inverted head and shoulders pattern on Ali’s chart most likely indicates the reversal of a downtrend, thus validating his predictions.
Cardano (ADA) shows an increase of 16% in the last week
Cardano has continued its impressive streak over the past week, with the token up 16%. This last peak is linked to launch of the alpha phase of the new smart contract language Aiken.
Aiken aims to improve the process of developing smart contracts on the Cardano blockchain and is part of the steps towards ensuring interoperability within its ecosystem. It consists of domain-specific features that make smart contract development easier and more efficient. Users will be able to render codes faster and get quick feedback on their work.
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In addition, Aiken is expected to simplify the setup and use of the Haskell programming language with other off-chain languages. Cardano believes that the proper distribution will increase interest in Haskell and enable developers to execute programming from a single library.
Cardano noted that the alpha phase will include regular audits by the Aiken team to ensure it maintains the highest standards before the mainnet launch. Not surprisingly, the price of ADA rose after the April 14 announcement.
ADA Price Analysis
At the time of writing, Cardano is trading at $0.450, and if the bullish momentum continues, ADA may target the $0.524 level, last seen in September 2022. However, before reaching the $0.60 target, Cardano bulls may face an intermediate hurdle at $0 .57 to the $0.58 range.
Conversely, the daily overbought RSI is nearing 70, indicating that ADA bulls may take a moment to consolidate or pause before resuming their upward charge. In the event of a decline, significant support is expected at $0.362.
Featured image from iStock.com, charts from Twitter and Tradingview
