ADA Up 22% In Last 7 Days; Remains On Track To Test $0.6 Barrier

Christian Encila

Last Updated: August 1, 2022 7:40 pm

2 mins read

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It’s game face on for the bulls as Cardano (ADA) swerved up to $0.54 as seen overnight. ADA price spotted below key resistance level of $0.55. Meanwhile, traders are optimistic that a looming breakout may happen up to $0.6 by next week.

Cardano (ADA) price is on a bull run as the price shoots way up forming a bullish hammer pattern seen on the daily chart.

The uptrend precipitated on July 27, 2022 with the price spotted at $0.45 has pushed ADA price to incredible heights with its 30-day high of $0.55.

ADA Seen Spiking To $0.6 In The Coming Days

As of press time, ADA price is seen under the $0.55 resistance zone with a triple top formation circling the area. More so, ADA price has soared by over 22% in the past five days and can still spike to as high as $0.6 in the coming days.

The crypto market has been showing confusing signals overnight especially as BTC jumped close its target of $24,000 mark and with Ethereum consolidating at $1,700. Consequently, XRP plunged to $0.39 along with DOGE that also declined by $0.07. Moreover, SOL also plunged by 4% and DOT spiked by 6%.

Judging by the 24-hour chart, ADA price is seen to cascade and form an extending ascending triangle pattern peaking a 30-day high seen at $0.55. ADA price spike was followed by the formation of a sideways pattern with the price range of $0.45 to $0.50.

ADA’s RSI Signals A Bullish Momentum

It’s 24-hour RSI signals that it is drawing close the overbought zone spotted at 60.09, which could either trigger a bull run or could pull ADA price further downwards. ADA trading volume in the past 24 hours has seen a plunge of 24% which suggests that traders are on pause to figure out the next pattern.

More so, the MACD or Moving Average Convergence Divergence curve still shows bullish momentum and has been gaining a lot of traction with bullish divergence.

Around 53 Fintech experts laid out their price prediction for Cardano in July 2022. These crypto specialists predicted that ADA is set to end 2022 at a price of $0.63. Basically, judging by the current ADA price of $0.5, the forecast gives a pump in price of 26% by the end of 2022.

Cardano initially had a higher price forecast of $2.79 in January but its rivals such as Polkadot, Tron, Polygon, Solana, Avalance, and BNB Chain gives the coin a “win it or lose it” game plan. There is basically no gray area for ADA or other altcoins at this point.

Moreover, other Fintech experts say that Cardano seem to fall short in terms of delivery of updates as well as in attracting more projects.

ADA total market cap at $384 billion on the daily chart | Source: TradingView.com

Featured image from ZyCrypto, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.