Cardano

bullish

Movement

DeFi

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-investors-anticipate-positive-price-movement-after-recent-trends/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Investors Anticipate Positive Price Movement After Recent Trends</a> 
Last week’s notable rise in Cardano paused, with <a href="https://en.coin-turk.com/cardano-ada-takes-center-stage-with-notable-developments-in-early-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ADA</a> declining by 8.70% from its peak. This consolidation, similar to other altcoins, has left many wondering about the future direction of Cardano’s price following a significant 220% increase. Will there be further gains in price, or will a correction occur?
<h2 id="cardano-price-analysis">Cardano Price Analysis</h2>
Crypto analysts believe that ADA has more upward potential, provided the ongoing <a href="https://en.coin-turk.com/investors-prepare-for-upcoming-cryptocurrency-events/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> bull run continues. A popular analyst, EL, noted that the current consolidation resembles patterns from previous bull runs. EL pointed out that the <a href="https://en.coin-turk.com/gamefi-sector-experiences-remarkable-growth-and-innovation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> consolidated below 1 dollar for a time before rising to 2 dollars, eventually reaching its all-time high of 3 dollars after fluctuating below the 2-dollar mark.
<blockquote>
 “The current consolidation parallels movements seen during past bull runs.”
</blockquote>
The daily chart indicates that Cardano is stabilizing and forming a bull flag pattern, a common continuation signal. This formation occurs when an asset makes a parabolic move to create a flagpole and then enters a small symmetrical triangle pattern. Typically, this pattern results in a strong bullish upswing.
<blockquote>
 “I believe Cardano’s performance will echo 2020, peaking in September 2025 after a rise post-U.S. elections.” -Ali Charts
</blockquote>
Moreover, cryptocurrencies and stocks tend to consolidate after reaching significant psychological levels. As Cardano’s price remains above the 50-day and 200-day moving averages, with the ADX rising to 58, it indicates that the trend remains strong. Thus, this prediction suggests that Cardano will continue to rise and soon hit the next psychological level of 1.50 dollars.
<h2 id="cardano-outlook">Cardano Outlook</h2>
Two potential factors could push Cardano’s price higher in the upcoming weeks. First, if analysts’ predictions hold true, Bitcoin ’s price could rise to 100,000 dollars, likely benefiting Cardano in the process.
Additionally, the Cardano ecosystem is performing well. According to DeFi Llama data, the total value locked in the network has increased by 205% over the last 30 days, surpassing 604 million dollars. This growth positions Cardano as the 17th largest network in the industry. Similarly, the volume in Cardano’s DeFi protocols has risen by 64% over the past week, reaching 105 million dollars.
Like other cryptocurrencies, Cardano could also benefit from Donald Trump’s policies, as he has appointed several crypto-friendly officials, including Elon Musk, Scott Bessent, and Howard Lutnick.
Cardano investors might maintain an optimistic outlook for the upcoming period due to the technical indicators and ecosystem support.
The post <a href="https://en.coin-turk.com/cardano-investors-anticipate-positive-price-movement-after-recent-trends/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Investors Anticipate Positive Price Movement After Recent Trends</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Cardano Investors Anticipate Positive Price Movement After Recent Trends

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