The post Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds? appeared on BitcoinEthereumNews.com.

Cardano has not been left behind in the ongoing revival as with Bitcoin and other top altcoins. From the daily chart, ADA, the native currency, is up roughly 4% in the last day and 17% in the previous week, according to CoinMarketCap data. Analyst: Bulls To Lift ADA By 2X Even as ADA reverses recent losses, one analyst thinks more will come. In a post on X, the analyst said the coin is gearing up for more price gains that could see ADA more than 2X in the medium term. The bullish outlook is primarily technical, looking at the candlestick arrangement in the daily chart. ADA has been nearly 40% since July 8, rising from below $0.35 to over $0.44 at press time. The surge also comes amid decent trading volume. Although prices have been moving sideways in the past few days, the uptrend is clear. At this pace, ADA bulls appear to be targeting $0.51, the immediate liquidation line, and May 2024 highs.   Of note, the expansion of ADA prices from June and July 2024 pits meant the coin broke up from a bull flag. As the analyst observed, the surge above the descending wedge and multi-week resistance trend line was decisive on July 13. Most importantly, bulls have confirmed the leg up, backing optimistic buyers. The upswing is, however, expected. ADA is a leading altcoin, benefiting from the recovery of Bitcoin and Ethereum prices. Beyond this, holders are backing on fundamental factors, especially the upcoming activation of the Chang hard fork in the next two weeks. Cardano Preparing For Chang Hard Fork And Voltaire Over the years, Cardano has been building. Every transition shift has benefited ADA prices and holders from Byron to Basho. Therefore, as the community prepares for the Chang hard fork, ADA prices seem…

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Filed under: News - @ July 18, 2024 8:26 am