Category: Cryptocurrency News

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Cardano (ADA) has notably trailed behind that of its contemporaries in the ongoing crypto bull run. While Bitcoin has surged to record new all-time highs, alongside a suite of other altcoins, ADA remains approximately 77% beneath its peak historical value. However, emerging technical patterns and market dynamics suggest that this trend could be poised for a reversal, with ADA potentially gearing up to narrow the gap. Cardano Bull Flag Formation: An In-Depth Look Central to this analysis is the bull flag pattern in the ADA/USD weekly chart. The bull flag pattern observed here is composed of two primary elements: the flagpole and the flag. The flagpole is a significant vertical ascent in price, representing a rapid increase in buying pressure. For ADA, this pole formed from mid-October till mid-December and reflects an approximate 185% surge. The flag, following the pole, is a period of consolidation with a downward slope, resembling a flag on a pole. For ADA, the pole developed from mid-December to early February. A subsequent breakout above the flag can often lead to a price rally proportionate to the initial pole’s height. Related Reading: Cardano (ADA) Price Alert: Analyst Predicts 60% Rally In Next 7 Days The Cardano price already broke out and surpassed the crucial resistance at $0.685. If ADA further follows this technical playbook, the rally is far from over. The projected target would be an 185% increase from the consolidation zone’s breakout point, placing the price close to the Fibonacci 0.382 retracement level, which is around $1.35. Remarkably, the Cardano price must first overcome the 0.236 Fibonacci retracement level at $0.92, an area where greater selling pressure and possibly a shorter consolidation can be expected. Golden Cross And More Bullish Arguments The chart also teases the formation of a golden cross, a bullish signal where a shorter-term moving average (the 50-week EMA) crosses above a longer-term average (the 200-week EMA). Such crossovers can often signal a shift in momentum from bearish to bullish over the long term, and their significance is heightened on a weekly chart, which filters out short-term market noise. Traders often view this crossover as confirmation of a trend reversal, with the potential to catalyze sustained buying activity. For ADA, this could be the final confirmation of a strong bull move. Related Reading: Cardano Price About To Explode: Crypto Pundit Reveals Next Target Beyond that, the weekly chart for ADA presents a broader narrative. The Relative Strength Index (RSI) sits just above the overbought threshold at 74, which indicates strong buying momentum with more room to the upside. The volume, though lower than during the peak periods of 2021, is consistent, suggesting a stable interest in ADA trading without the panic sell-offs seen during sharp declines. Moreover, a series of Exponential Moving Averages (20-week, 50-week, 100-week, and 200-week) provide further context as ADA is trading above all of them. Notably, the 200-week EMA has recently acted as a very strong support for the price, indicative of long-term bullish sentiment. The 50-week EMA is trending upward, which could solidify support levels in the intermediate term. The 100-week and 200-week EMAs are further below the current price, potentially serving as long-term support levels in case of a price retracement. In addition, the Fibonacci retracement levels drawn from the all-time high to the low of the ADA bear market provide long-term price targets. Following the bull flag conclusion, the 0.5 level at $1.697, marking the halfway point of the previous swing high to low, could serve as a next target for the bulls. Thereafter, the 0.618 Fib at $2.04, the 0.786 Fib at $2.54 and finally the all-time high at $3.17 would be subsequent price targets. In conclusion, while the bull flag and the impending golden cross are the stars of the show, other factors such as moving averages, RSI, and Fibonacci levels add depth to the bullish narrative for the Cardano price. Featured image from Shutterstock, chart from TradingView.com

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XRP has demonstrated significant strength for a while now, securing its spot as one of the best-performing cryptocurrency assets by market cap, after surging to its highest level since November. XRP To Yield Gains From April Rally The crypto community is buzzing about XRP’s latest price spike as several analysts predict the surge will be the start of the eagerly anticipated rally. With a 50% rise from $0.50 on Monday, March 11, to a weekly high of $0.75, it got off to a great start this week. Related Reading: XRP On The Brink – Bullish Pattern Or Profit-Taking Retreat? Cryptocurrency analyst and trader Dark Defender has shared his latest optimistic forecast for XRP with the community on X (formerly Twitter). Dark Defender highlighted that the crypto asset “broke out” from a strong resistance on Tuesday, just as he expected. XRP broke out from a 6-year-long symmetrical triangle, which denotes a phase of consolidation with prices bouncing between the lower support line and the upper resistance. According to the analyst, the monthly time frame clearly shows that the much-anticipated move has begun. Also, the daily time frame “confirms that the massive resistance level of $0.6649 has been broken.”  He further added that for the “weekly and monthly time frame, $0.6649 will possibly be confirmed.” As a result, Dark Defender underscored that his targets are now “closer to the mid-resistance around the $1.33” price mark. Meanwhile, he has placed his “Fibonacci price targets at $1.88 and $5.85 in the upcoming weeks.”  The post read: XRP had the break-out yesterday, as we expected. In the Monthly Time Frame, it is obvious the move has started and the huge Resistance of $0.6649 has been confirmed to be broken in the Daily. $0.6649 will be Confirmed for the Weekly and Monthly Frames. Our targets are closer now to $1.33 mid resistance, and $1.88 and $5.85 Fibonacci targets in the upcoming weeks. As a result, the expert has urged the community to watch out for “solid strikes” in the coming week. In addition, he noted that “April will be hot,” suggesting significant gains throughout the month. Presently, the digital asset gradually gaining strength trading at $0.6897, indicating a weekly increase of over 12%. However, its market cap and trading volume are both down by 1.58% and 57% in the last 24 hours. The Asset Does Not Belong In Your Portfolio Despite XRP’s latest rally, crypto expert Jason Pizzino has claimed that investing in the token might not be a smart move. Jason Pizzino has issued a warning to the community never to consider adding XRP to their portfolio. Related Reading: Crypto Analyst Says XRP Price Could Rocket 2,300% To $14.6, Here’s How He claims that “even though it climbs this cycle, it still “needs to rise more than 2600%” in value to match Bitcoin‘s peak of 2017. “It achieved 500% in the previous cycle and is now only 30% away from shattering the SEC Lawsuit low,” he added. Pizzino believes that the major advantage of influencers discussing XRP is that there is still a “large audience interested” in knowing about the project and “optimistic price projects that never appear.” Featured image from iStock, chart from Tradingview.com

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