Cardano (ADA) opened October on a bearish note after climbing above $0.4 in late September. However, it has significantly increased amid a slight improvement in broader crypto market sentiment.
ADA trades at $0.354, representing a 4.5% 24-hour increase. However, the crypto asset’s outlook still looks gloomy in the seven-day timeframe. ADA price has declined by over 12% in the last seven days.
After climbing above $0.4 on September 27, ADA Despite the mixed sentiment, experts have remained optimistic about the crypto, some predicting a 2x increase in the coming days. So, can ADA increase to reach $1 before December? The following analysis could provide insights.
Expert Insights into Cardano’s Upcoming Price Action – Will ADA be Bullish or Bearish?
“World of Charts” recently offered an insightful take on ADA’s price movement, showcasing a bullish trend on the horizon. According to the analyst, Cardano’s price action has formed a Falling Wedge pattern, a known bullish reversal signal.
$Ada#Ada After Successful Breakout Cardano Retesting Falling Wedge Incase Of Successful Retest Still Expecting 2x In Coming Days https://t.co/Q3y8x6trPy pic.twitter.com/uf07gB4Lfy
— World Of Charts (@WorldOfCharts1) October 4, 2024
This pattern spans from February to September, indicating that ADA’s price was constrained within these lines. However, ADA broke above the upper trend line in early October, signaling a potential breakout.
Such breakouts suggest strong upward momentum, which could set the stage for ADA’s future growth. Historically, the token has been on a downtrend, dropping from highs near $0.80 in March to approximately $0.24 by August. Despite this decline, there have been signs of recovery within the falling wedge.
The recent breakout from this formation hints at the possibility of further upward movement.
Furthermore, ADA’s price appears to be retesting the previous resistance line, which could be a new support level. Holding this support is crucial as it confirms the bullish trend many traders are eyeing.
Based on World Of Charts’ projection, a 2x move in ADA’s price is possible, with targets ranging from $0.74 to $0.75.
While the breakout is promising, traders watch for higher volume to confirm sustained momentum. Over the last 24 hours, ADA’s volume has decreased by 14.65%, sitting at around $282,283,352. Increased trading volume would be a strong indicator of a more significant rally.
Cardano can outperform expectations, especially with the upcoming Cardano Summit in Dubai. This event could generate additional traction for the platform, further fueling the momentum of ADA’s price movement shortly.
Cardano Projects Short-Term Bullish on Tradingview
Cardano (ADA) continues to face significant downward pressure, trading below its 50-day and 200-day simple moving averages (SMA). This setup suggests a sustained bearish trend in the short and long term.
Additionally, its Moving Average Convergence Divergence (MACD) indicator is below the signal line, signaling a continuation of selling pressure. The accompanying red histogram bars further reinforce the bearish sentiment, indicating that momentum remains in favor of the bears.
Without a strong reversal signal, the likelihood of Cardano experiencing further declines remains high.
However, despite the current bearish indicators, there are some glimmers of hope for Cardano. The price is forming a morning star candlestick pattern, a standard reversal signal that may indicate the end of the recent downtrend.
This pattern is forming just a few pips under the 50-day SMA, a level that could act as crucial support. Should this pattern hold and gain momentum, Cardano could see a bullish reversal, pushing the price back above its 50-day SMA.
This would be the first step in shifting market sentiment toward a more bullish outlook, especially if it is accompanied by increased volume.
ADA’s Relative Strength Index (RSI) Indicator Is Inclining – Is The Reversal Commencing?
In the chart above, the Relative Strength Index (RSI) for Cardano is inclining from the neutral zone at 45.99. This hints at the increasing strength of buying pressure in the coin’s market.
If buyers seize the bullish trend today, ADA’s signals, coupled with those on other indicators, could commence a price surging movement. If this happens, the RSI could push toward the overbought region (above 70), triggering a bullish run and reversal in ADA’s market.
Potential Cardano Alternative – The New Crypto-Casino Project Memebet Could Pump in October
Memebet has raised $363,281.57 in its presale, with only two days and 19 hours left before the price increases. Currently, $MEMEBET tokens are available at $0.0256 per token, and you can buy them using crypto assets or a bank card.
Memebet is launching its casino called Memebet Casino, which offers exciting features like play-to-earn airdrops and exclusive benefits for token holders.
The platform is a no-KYC project, making it easy for global participants to join. It also includes a global sportsbook, perfect for betting on different sports events.
With its partnership with the Argentina national football team, Memebet is gaining credibility. This makes it an ideal degen casino opportunity for meme coin enthusiasts.
The project promises unique advantages, especially for early buyers. Don’t miss the chance to buy before the price hike. Remember, crypto investment is risky and could lead to significant losses, so ensure you invest what you can afford to lose.
