- One analyst said ADA may reach $1 before the Bitcoin halving.
- The price may rise above $0.60 in the coming days.
Cardano (ADA) could reach $1 and possibly even higher if Crypto Capital Venture’s predictions are accepted.
According to Dan Gamberdello, who hosts the session on YouTube, several technical indicators supported the prediction.
Using the 4-hourly and weekly ADA/USD charts, the analyst noted that the Stoch RSI has reached overbought and oversold areas, suggesting a significant change is underway.
If you’re unfamiliar, Stoch RSI is shorthand for Stochastic Relative Strength Index (RSI). It is a technical analysis indicator used to support market predictions by comparing price ranges.
ADA may be ready to follow Bitcoin.
Regarding prices, Gamberdello mentioned November 2020. During this period, the Bitcoin (BTC) bull market began and ADA also saw a surprising rise.
The analyst defended his prediction, noting that the Stoch RSI was at a similar point, leading to a parabolic move.
Additionally, the analyst noted that a Cardano rally could occur before Bitcoin halving. Using the Stoch RSI historical position as support, he said:
“This time it happened right before the Bitcoin halving. “Last time it was after the halving.”
Recently AMBCrypto discussed the price action of ADA. In the article, we discussed how the price could reverse after rebounding to $0.56.
Elsewhere, on-chain and technical indicators suggested a move that could push ADA towards $0.68. At press time, the price of ADA was $0.58, indicating that the reversal lasted only a short period of time.
By February 13, active addresses had grown to 48,000. That number has fallen to 36,300, according to Santiment.
The active address indicator shows the number of unique wallets interacting with your token. If Cardano’s active addresses continue to decline, the price of ADA may plateau.
Source: Santiment
A dollar increase is possible in the following cases:
A rally closer to $1 may be possible if the indicator recovers to previous highs. Regarding development activities, Santiment showed that indicators have plummeted.
Previously, Cardano ranked first among other projects in terms of development.
So a recent decline means the project hasn’t released any new features recently. Development activity can be a positive indicator, but it has little impact on prices.
From a technical perspective, the price of ADA may continue to rise. One reason for this prediction was Supertrend.
At press time, Supertrend’s green portion was below its ADA value. This condition suggests that short sales may be liquidated if existing positions are not liquidated.
On the other hand, a sell condition occurs when the price crosses below the super trend line.
AMBCrypto also identified the Awesome Oscillator (AO). At press time, AO readings were positive, suggesting increasing upward momentum.
Realistic or not, the market cap of ADA in BTC is:
Similarly, the Relative Strength Index (RSI) also increased. At the time of writing, RSI is 68.09, indicating solid buying momentum.
Source: TradingView
If buying pressure continues to increase, ADA may make a first stop at $0.68. If profit taking does not mask the upside, the price could get closer to $1.