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Cardano (ADA) Price Rally Is Far From Over, Here’s Why
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Cardano (ADA) Price Rally Is Far From Over, Here’s Why

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Cardano ADA price

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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.

Cardano ADA price
ADA price, 1-week chart | Source: ADAUSD on TradingView.com

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.

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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.

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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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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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