Cardano price rose for two consecutive days as investors embraced a relatively risk-on sentiment after Donald Trump’s victory in the US. ADA also jumped as some crypto analysts predicted that it was about to surge.
Crypto analyst is bullish on Cardano price
Crypto analysts have become highly bullish on Cardano, one of the biggest players in the industry.
In an X post, an analyst by the name Mr Brownstone noted that the coin was on the path to its all-time high. But before that happens, he expects that Cardano will rise to the crucial resistance point at $0.42, which was about 12% above the current level.
Cardano’s rebound coincided with the ongoing inflows into its ecosystem. Data by DeFi Llama shows that it now has over 650 million ADA locked in its ecosystem, higher than August’s low of 535 million tokens. In dollar terms, however, Cardano has a TVL of over $235 million, making it smaller than most newer networks like Sui and Base.
A potential catalyst for Cardano is the upcoming BitcoinOS bridge, its integration with Bitcoin, the biggest coin in the industry. The integration, which is set to go live in the next few months, will unlock about $1.3 trillion in Bitcoin liquidity. Analysts see this integration as a big game changer in the industry.
The challenge for Cardano, however, is that it is significantly behind other blockchains like Base, Sui, and Solana. For example, Cardano does not have any market share in popular industries like Decentralized Finance, Gaming, and Non-Fungible Tokens.
Read more: Catizen Price Has Formed a Bullish Pattern: Will CATI surge to $1?
Cardano price forecast
The daily chart shows that Cardano is showing signs of bottoming after finding it difficult to move below the key support level at $0.313 since August. It has formed what looks like a triple-bottom pattern, a popular bullish sign.
Cardano has also surged above the 50-day and 100-day Exponential Moving Averages (EMA), pointing to more gains.
ADA has also moved above the descending trendline that connects the highest swings since July 7. It is also attempting to move above the 23.6% Fibonacci Retracement point at $0.40.
The Relative Strength Index (RSI) has moved above the neutral point at 50 and is pointing upwards. Also, the MACD has moved above the zero line.
Therefore, the ADA token will likely continue rising as bulls target the 50% retracement level at $0.543. This means that the coin may jump by 42% from the current point.
Read more: Grass Crypto Price Surges: Could it Climb to $5 Soon?
