What is the target for the Cardano (ADA) price that has quadrupled in 40 days?

Cardano (ADA) price peaked in February from its strong rise in 2021. More talk on social media and updates on smart contract features have increased the ADA price by 100 percent since February 1.

According to data shared by Cointelegraph Markets and TradingView, the ADA, which traded at the lowest $ 0.33 on February 1, reached its peak at $ 0.72 on February 8.

If the Stablecoin Tether (USDT) was not included in the list, Cardano ranked 4th in the market value list, according to CoinMarketCap data. He lost his turn to Polkadot (DOT) while the news was being prepared for publication.

4-hour candlestick chart for ADA / USDT pair. Source: TradingView

Will the ADA price continue to rise after this acceleration? Is the fix for Cardano at the door?

Tweets about Cardano increased

The price of Cardano, which has been on an upward trend since entering the year 2021, is the test phase of the new smart contract system. has been announced then it exploded.

ADA price and Tweet volume comparison. Source: TheTIE

According to TheTIE data, there has been much more talk about ADA on social media. In particular, projects with a Proof-of-Stake (PoS) consensus algorithm, such as Cardano, are getting more and more attention, as the Ethereum network grapples with delays and high Gas charges due to transaction density.

Where is the next target in ADA price?

Cointelegraph analyst Rakesh Upadhyay, in his previous review about Cardano, emphasized the rising channel line and said that the strength of the bull market increased.

After the latest developments, ADA gained momentum after rising above the rising channel on February 5th. The bulls easily pushed the price above February 6 at $ 0.60. Thus, the probability of the rally to continue until $ 0.80 increased.

Daily chart of ADA / USDT pair. Source: TradingView

While the rising moving averages (MAs) give the bulls an advantage, the relative strength index (RSI) in the overbought zone warns of a possible correction or sideways course in the near term.

The stable trend will show that investors are not making hasty profits and will increase the likelihood that the uptrend will resume.

On the other hand, in a possible correction, the level of $ 0.473835, where the 20-day exponential moving average (EMA) is calculated, will become even more important. Because if the recovery comes here after the next correction, it will be revealed that the uptrend is not broken. If the opposite happens and falls below this level, the advantage will pass to the bears and the bullish momentum will weaken.

The views and comments conveyed here belong only to the author. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.

Check Also

Investing in Dogecoin (DOGE) Is Worse Than Gambling • Coinexc

Investor Kevin O’Leary has warned investors of the potential risks of investing in a cryptocurrency …

Leave a Reply

Your email address will not be published. Required fields are marked *