What Are Analysts Saying About Cardano’s Future Prospects?
There seems to be no stopping Cardano (ADA) from reclaiming the key $2 level as it extends its bullish rally even as several of its peers take a bit of a breather. At the time of writing, ADA/USD is trading around $1.968.
Today’s an exciting day for Cardano traders as its Co-founder Charles Hoskinson is set to announce when the Alonzo HFC will take place. The rally could be building up in anticipation of this information and could strengthen further once investors know the exact date by when the important upgrade will take place, empowering the blockchain network with smart contract capabilities.
Over the past seven days, the ADA has token’s value has increased by more than 43% and is likely to make more gains as the launch of the major upgrade nears. Experts in the space are also bullish about Cardano’s near term prospects, with one leading analyst who goes by the name Capo stating his preference to hold ADA over ETH in the next few weeks, suggesting it to be stronger than the world’s second most popular cryptocurrency.
Cardano’s recent bull run has caused another prominent trader, Peter Brandt, to go back on his previous prediction. A few days ago, he had forecast that ADA could follow in Litecoin’s footsteps from back in 2018 when it traded strongly bearish. However, he now states that Cardano’s bearish pattern appears to be negated and is likely to maintain its bullish momentum as long as the price remains above the $1.25 mark.
In addition, Coin Bureau’s host Guy has also offered a bullish outlook on Cardano for the coming months, including it among his top five altcoins showcasing the most potential for growth in Q3 2021. According to him, “It has held up strong despite the recent downturn and is still in a very visible uptrend. This is because Cardano’s best days are ahead of it.”
Key Levels to Watch
Taking a look at the H4 price chart of ADA/USD, we find the moving averages and the MACD indicator are suggesting a strong bullish bias. Although, the RSI and momentum indicators are exhibiting signs of a bearish bias.
At the moment, Cardano’s price has broken past the pivot point at $1.395 as well as overcome resistances at $1.527, $1.627 and even $1.859. With no resistance in sight, the upside momentum looks set to continue and could soon take ADA past the key $2 mark.