Ethereum Competitor Cardano Could Surge by Over 20% if It Breaks Key Supply Level, Says Crypto Analyst
A popular crypto trader suggests that Cardano (ADA), a competitor to Ethereum (ETH), could experience a surge of more than 20% if it successfully surpasses a crucial supply level. According to the analyst, ADA is currently facing a significant obstacle in the $0.54 and $0.56 price range, where around 50,000 addresses acquired approximately 2 billion ADA. These holders might sell their Cardano holdings to break even. However, if ADA bulls manage to overcome this resistance, it could pave the way for a bullish move towards $0.68.
Cardano’s Recent Performance
At the time of writing, ADA is trading at around $0.558 and has seen an increase of over 3% in the past 24 hours. Last week, the same analyst predicted that ADA’s price could rise based on a descending triangle chart pattern. Although this pattern is typically considered bearish as a continuation pattern in a downtrend, a breakout in the opposite direction is considered bullish.
Observations on Dogecoin
The analyst also notes that Dogecoin (DOGE), a popular memecoin, has experienced a decline in transaction volume and whale transaction count. This decrease typically indicates lower trading activity and may suggest reduced interest or confidence in DOGE.
As of now, DOGE is valued at $0.082.
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