Cardano (ADA) shows strong bullish momentum as it prepares for an upward move. Technical analysis suggests potential targets between $0.90 and $0.94. The recent invalidation of a bearish RSI divergence adds strength to this outlook.
Technical Analysis Points to Bullish Momentum
Crypto analyst Melika Trader identifies a bullish channel formation in ADA’s price action. The asset currently consolidates near the channel’s lower boundary. This position suggests a potential bounce.
The TD Sequential indicator flashes a buy signal on the 4-hour chart. This technical development reinforces the bullish narrative. Multiple analysts confirm this positive outlook through different analytical approaches.
Wave Analysis and Fibonacci Levels
Fibonacci analysis shows promising higher lows at the 0.618 level. Wave analysis suggests ADA could reach $2.2 during Wave 3. A correction to $1.2 might follow before a Wave 5 move toward $3.
Long-term Bullish Case for ADA
Several catalysts could drive ADA’s growth:
- Potential integration with Bitcoin DeFi
- Possible Cardano ETF launch by Grayscale
- Rumored Microsoft partnership
- Blockchain adoption by US Treasury
- Involvement in crypto policy development
Currently, ADA trades at $0.8, showing a 3% gain in 24 hours. The market structure suggests strong potential for upward movement.
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Tags: Cardano, ADA Price Analysis, Crypto Technical Analysis, DeFi, Cryptocurrency ETFs
Source: NewsbtC