Cardano (ADA) Price Prediction: Could It Outperform Bitcoin? Experts Weigh In
Cardano (ADA) Shows Strength, Could Outperform Bitcoin: Analyst
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Cardano (ADA) has been making waves recently, with impressive gains of almost 13% over the past week, outperforming the leading cryptocurrency, Bitcoin (BTC). Analysts are buzzing about further price increases for ADA, fueled by a \”super signal\” detected on the ADA/BTC trading chart.
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Market expert TrendRider highlighted this potential in a recent post on X (formerly Twitter), emphasizing that this \”super signal\” hints at a strong probability of ADA gaining value against Bitcoin in the coming weeks. This signal isn’t just a hunch; it boasts an 80% accuracy rate in historical instances, indicating that further price gains for Cardano are backed by past performance.
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Cardano Price Testing Key Levels
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Trading at $0.398, ADA is at a pivotal point, testing the 21-day exponential moving average (EMA). TrendRider points out that closing the week above this level could signal the continuation of an upward trend.
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Following this, the price is expected to face volatility around $0.430, where the 50-day EMA sits, and again at $0.490, which aligns with the 100 and 200-day moving averages. But according to TrendRider’s analysis, the ultimate target for Cardano could be the 200-day simple moving average (SMA) at $0.75, a significant milestone for the token following recent price declines.
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Analyst Predicts \”Up Only\” Phase
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Reinforcing the bullish outlook, market analyst Alexander Legolas recently proclaimed that the crypto market has entered an \”up only\” phase. This optimism extends to Cardano and other prominent altcoins, which have shown signs of recovery after two notable market corrections of over 20% each on August 5 and September 6.
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Legolas predicts that ADA could see substantial upward momentum in the coming months, particularly as liquidity increases in the altcoin market. He points to the recent breakout of the total3 Alt chart from a massive cup and handle pattern as a key indicator of positive market sentiment. If these predictions come true, Cardano could even approach the $1 mark, a rise of around 151% from current levels. However, the token would still be down 67% from its all-time high of $3.09 reached during the 2021 bull run.
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While the future holds exciting possibilities for Cardano, it’s important to remember that the cryptocurrency market is inherently volatile. Investors should always conduct thorough research and exercise caution before making any investment decisions.