Cardano Offering an Optimal Entry Point—Is ADA Primed to Rally Higher in Coming Weeks?

The post Cardano Offering an Optimal Entry Point—Is ADA Primed to Rally Higher in Coming Weeks? appeared first on Coinpedia Fintech News

The crypto markets are coping with the recent crash, with the Bitcoin price rising above $98,000, and they are aiming to reclaim $100K over the weekend. In the meantime, the third-generation token Cardano remains sure of a consolidated ascending trend regardless of growing bearish influence. Therefore, the ADA price is believed to revamp a strong rise, intending to mark a new ATH before the end of the year. 

Cardano is among the tokens believed to surpass 20% growth, leveraging innovation, scalability, and market adaptability to redefine the altcoin landscape. Meanwhile, Cardano founder Charles Hoskinson outlines the roadmap of the platform, which is expected to prioritise decentralisation and governance. Therefore, there is a huge chance that the ADA price will maintain a steep ascending trend if the bulls manage to rise above certain levels before the yearly close. 

The ADA price has rebounded from the interim support levels just below $0.75, which appeared to be the fresh monthly bottoms. Although the bulls have triggered a rebound, the intensity remains lower as the recovery volume has not reached the required levels. Besides, the technicals continue to remain within the bearish range, which suggests the selling pressure continues to haunt the Cardano price rally. 

The DMI just triggered a bullish crossover but the levels failed to divert from each other, suggesting a drop in volatility. Moreover, they could be heading towards a bearish crossover while the ADX continues to maintain a descending trend. On the other hand, the RSI has triggered a bullish divergence, which is yet to be validated. 

Therefore, the Cardano (ADA) price is expected to surge by 20% and reclaim the yearly highs above $0.125 only if the weekly close occurs above $0.98. Otherwise, a pullback could cause the price to reach the monthly lows at $0.75 or levels below if bearish strength intensifies.