- ADA price has increased over 8% in the past 7 days.
- Most market indicators suggested continued price increases.
When several cryptocurrencies received green registration and market conditions started to become exciting, cardano [ADA] It did not disappoint either.
In fact, ADA bulls entered the market when the token’s price broke above a key resistance zone, hinting at a massive bullish rally ahead.
Cardano breaks barriers
CoinMarketCap data revealed that Cardano price gained bullish momentum on May 15th and has increased by more than 8% in the past seven days.
At the time of writing, the token is trading at $0.4848, making it the 10th largest cryptocurrency with a market capitalization of over $17.29 billion.
However, the recent price increase was not enough for most ADA investors to profit. According to IntoTheBlock’s research, datamore than 58% of ADA investors ran out of money.
However, this scenario may change soon as ADA broke out of a bullish pattern.
Popular cryptocurrency analyst World of Charts recently said, Tweet This highlights that ADA price has broken above the bullish flag pattern formed on the 8-hour chart.
According to the tweet, ADA is operating on a nearly 10% profit and the pump could increase the token’s price by 100%. If that happens, investors could see Cardano reach $1 in the coming weeks.
Possible weekly goals for ADA
The $1 goal may be quite ambitious in the short term. Therefore, AMBCrypto evaluated the ADA metrics to find out where it is heading this week.
After analyzing Santiment’s data, we can deduce that ADA’s MVRV ratio is improving, which is a bullish indicator.
While prices skyrocketed, trading volumes remained high, forming the basis for a bull market.
However, Cardano’s speed decreased last week. This means that ADA is used less frequently in transactions within a set period of time.
Source: Santiment
Most market indicators also point to continued price increases. For example, the price of ADA remains above its 20-day exponential moving average (EMA). MACD showed clear bullish dominance in the market.
In addition to that, Chaikin Money Flow (CMF) has recorded a sharp rise, indicating further price appreciation.
Source: TradingView
read Cardano (ADA) Price Prediction 2024-25
Next, I checked Hyblock Capital’s data to see what goals ADA could potentially reach by the end of this week. Our analysis reveals that Cardano will see a significant increase in liquidation value around $0.492.
High liquidations often result in price corrections, so ADA could reach that level before slowing down a bit. However, if it manages to break above that, the price could reach $0.5 or $0.528 this week.
Source: Hyblock Capital
