newslogical.com
After maintaining a price band between $0.050 and $0.55 for more than one month, the May 28 value surge put the value of Cardano (ADA) beyond this point, breaking the neckline of $0.060 on the same day.
Since then, the 11th ranked cryptocurrency by market cap on CoinMarketCap continued to maintain a significant rally on the upside and by press time another break above the $0.7 resistance has been seen, putting the value of the cryptocurrency at $0.070594 USD with 10.12% added values against the US Dollar in the last 24 hours.
This putting profit in the pocket of a number of traders who vested in the coin prior to May 28. As ADA/USD pair continues to move on the rising wedge, a crypto chartist on TradingView opined that if the momentum is maintained the cryptocurrency would see a value rise of about 221% against Bitcoin.
ADA/BTC Pair Ready for 221% Value Rise
Crypto trader CryptoPatel said based on his technical analysis, trading pair ADA/BTC is ready for a 221% value spike as the pair continues to show a very bullish rally in the market.
CryptoPatel said with the short-term trading volume of the cryptocurrency, a break above the 700 Satoshi level would signal an upward breakout, and a push above 800 Satoshi would increase the bullish strength of the cryptocurrency.
The crypto analyst said Cardano, at present, has a strong long-term support above 480 Satoshi and a short-term support above 578 Satoshi.
Per the analysis done by CryptoPatel, we should be looking out for a rise above 800 Satoshi and 917 Satoshi, now that Cardano has broken out of the 7000 Satoshi.
He said that in the mid-term, he expects the cryptocurrency to break above 1165 Satoshi and 1900 Satoshi.
On the 5-day chart of ADA/USD trade pair, the Relative Strenght Index of the cryptocurrency continues to swing between the upper band 60 and lower band 30, a fluctuation between buying and selling pressure.
Also, the 100-day moving average is back above the 200-day moving average after a slight collision and toppled yesterday, bringing in more bullish signal.
