ADA’s daily close above the $2.30 resistance and a classic bullish technical analysis pattern signal that the altcoin is ready to hit a new all-time high. Smart contracts have been a revolutionary force in the blockchain industry because they have enabled the creation of decentralized finance protocols, nonfungible tokens and a new form of carrying out transactions without the need of a middleman.
Cardano (ADA) is one of the many projects that has been gaining momentum throughout 2021 and now that the project's long-awaited smart contract capabilities are on the verge of becoming reality, the token is on the precipice of setting a new all-time high.
Data from Cointelegraph Markets Pro and TradingView shows that after bottoming at a low of $1.02 on July 20, the price of ADA has surged 139% to a multi-week high at $2.45. Here’s a look at what some analysts and traders are saying about the recent price action for ADA and what token holders may want to keep an eye on in the short term.
The rapidly rising price of ADA has been hard for most traders to ignore, especially since multiple technical indicators have now flipped bullish.One such ind icator is the 50-day moving average (50MA), which is now pointed up after being on a downslope for roughly 2 months as highlighted in the following chart posted by pseudonymous Twitter user Pharmlord.
As seen in the chart above, once crossing above the 50-MA, ADA price doubled and is now on the verge of hitting a new all-time high at $2.46.
Insight into the important levels that ADA bulls need to keep an eye on was provided by Rekt Capital, a pseudonymous Twitter analyst who pinpointed the importance of the $2.30 level. ADA has already managed to convincingly surpass a lower resistance zone shown in red on the chart above and is now it is attempting to break the May 16 all-time high at $2.46.
According to Rekt Capital: “The only major resistance left before a new All-Time Highs is the black level ahead (~$2.30).”
According to Twitter user 'Fidzcrypto', ADA is showing a distinct cup and handle formation on the daily timeframe. Investopedia cites the cup and handle pattern as a technical indicator that resembles a cup with a handle, where the cup is in the shape of a "u" and the handle has a slight downward drift.” The cup portion of the pattern can be seen on the chart between May 14 and Aug. 16, while the handle is seen in the price dip and recovery from Aug. 16 - Aug. 18.
According to Investopedia: “The cup and handle is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume. The pattern's formation may be as short as seven weeks or as long as 65 weeks.”
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||59.2%||81||$16 978.70||4.39%||2.88%||$326 335 954 931|
|2||ETH||Ethereum predictions||61.2%||79||$1 272.58||7.65%||9.73%||$155 730 706 390|
|3||USDT||Tether predictions||94.4%||1||$0.999717||0.01%||0.07%||$65 344 160 805|
|4||BNB||Binance Coin predictions||69.6%||65||$303.20||2.45%||11.12%||$48 502 460 386|
|5||USDC||USD Coin predictions||95.6%||1||$1.000139||-0.01%||-0.03%||$43 277 644 672|
|6||BUSD||Binance USD predictions||94.8%||1||$1.000531||-0.02%||-0.04%||$22 382 168 682|
|7||XRP||XRP predictions||68.4%||66||$0.404716||4.85%||7.75%||$20 353 202 189|
|8||DOGE||Dogecoin predictions||59.6%||85||$0.107996||6.28%||33.79%||$14 327 928 052|
|9||ADA||Cardano predictions||62%||81||$0.317149||3.18%||0.58%||$10 922 533 679|
|10||STETH||Lido stETH predictions||93.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||64.8%||72||$0.870461||4.66%||0.89%||$7 602 885 646|
|12||DOT||Polkadot predictions||66%||67||$5.45||5.72%||1.92%||$6 217 714 859|
|13||LTC||Litecoin predictions||63.2%||74||$78.90||4.47%||1.74%||$5 659 018 434|
|14||DAI||Dai predictions||96%||1||$0.999966||0.01%||-0.06%||$5 641 163 245|
|15||WTRX||Wrapped TRON predictions||67.2%||66||$0.054055||1.60%||6.42%||$5 496 066 891|
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