Cardano has experienced a significant price surge following a similar trend in the crypto markets in recent weeks. The launch of new updates on the Cardano ecosystem has also contributed to these bullish sentiments, and several analysts have begun making outlandish predictions on the future of ADA.
The latest person to make a prediction is popular crypto analyst Ali who believes that Cardano is about to make a significant breakout that will propel its price to $0.60. Ali made this prediction in response to a question on Twitter by LunarCrush, a crypto social analytics platform.
Ali supported his prediction with a chart about Cardano’s price that indicated a head and shoulder pattern. According to the analyst, once Cardano hits this pattern, it could potentially ignite a 44% spike in the price of ADA.
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The head and shoulders chart pattern is a price reversal pattern that enables traders to spot when a trend has ended. So the inverse head and shoulder pattern spotted on Ali’s chart most likely indicates the reversal of a downtrend, thus validating his predictions.
Cardano (ADA) Tallies 16% Increase In The Past Week
Cardano has continued its impressive streak in the past week, with the token up 16%. This latest spike is tied to the launch of the alpha phase of its new smart contract language Aiken.
Aiken aims to improve the process of developing smart contracts on the Cardano blockchain and is part of the steps toward ensuring interoperability within its ecosystem. It comprises of domain-specific features that make smart contract development easier and more efficient. Users will be able to render codes faster and get quick feedback on their work.
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In addition, Aiken is expected to simplify the setting up and use of the Haskell programming language with other off-chain languages. Cardano believes its proper deployment will increase interest in Haskell and enable developers to execute programming from a single library.
Cardano noted that the alpha phase would include regular audits by the Aiken team to ensure it is of the highest standards ahead of its mainnet launch. Unsurprisingly the price of ADA spiked after the announcement on April 14th.
ADA Price Analysis
As of the time of writing, Cardano is trading at $0.450 and If the bullish momentum continues, ADA could target the $0.524 level, last seen in September 2022. However, before reaching the $0.60 target, Cardano bulls may encounter an intermediate hurdle in the $0.57 to $0.58 range.
Conversely, the daily RSI is nearing the overbought 70 threshold, indicating that ADA bulls may take a moment to consolidate or pause before resuming their upward charge. In the event of a decline, substantial support is anticipated at $0.362.
Featured image from iStock.com, charts from Twitter and Tradingview