Top Analyst Predicts 31% Surge for Cardano’s ADA to $0.52

Market analyst Carl Runefelt, known as “The Moon,” recently shared an optimistic forecast for Cardano’s ADA token, suggesting a potential price surge if it maintains its current support level.

“If we hold this range-low, we may see a nice PUMP!” Runefelt tweeted, hinting at a bullish trend for ADA.

#ADA looks bullish 🟢 If we hold this range-low, we may see a nice PUMP! pic.twitter.com/qgsdBlOQep

— The Moon (@TheMoonCarl) July 1, 2024

ADA to Gain 31% to $0.5222

According to Runefelt’s analysis, ADA has been moving within a range, capped at $0.5222 and finding support within a yellow rectangle at $0.35. This trend follows a broader bearish trajectory initiated on March 14, when ADA peaked at $0.8120.

Despite this downward trend, the $0.35 support level has proved resilient, allowing ADA to bounce back and stabilize above $0.3976. However, Runefelt’s chart further suggests that ADA appears primed for a potential rally from its current price.

He predicts the ADA/USDT pair will revisit the $0.4591 high, then pull back slightly to $0.4472 before breaking through its major resistance at $0.5222. Should this scenario unfold, ADA could experience a remarkable 31.3% price increase.

ADA’s Technical Outlook

From a technical standpoint, the RSI indicator is on an upward path, currently positioned just above the 50 mark at 53.14. This upward movement indicates increasing buying pressure in the ADA market, which could drive the price toward the $0.4591 resistance level, aligning with Runefelt’s forecast.

Source: TradingView

Similarly, the MACD indicator shows bullish momentum, with its line approaching the zero line. The positive histogram further reinforces this bullish MACD sentiment, where the expanding green bars above the zero line suggest a potential imminent uptrend for ADA.

Despite these bullish signals, ADA is still trading below its 50-day and 100-day moving averages, hinting at lingering bearish momentum in short-term and long-term trends. However, a crossover above these moving averages could mark a significant shift towards a bullish outlook.

ADA Price Action

At press time, the ADA token was trading at a value of $0.4089, marking a 2.42% gain in the last 24 hours and a 5.34% rise in the past week.

This increase has further affected its intraday market capitalization, which increased by 2.43% to $14.619 billion, positioning ADA in the 10th spot in the cryptocurrency rankings. Similarly, its 24-hour trading volume rose by 12.92%, reaching $247,250,123.

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