Cardano has fallen by 3% in the past 24 hours, dropping to $0.7009 on what is a bad day for the cryptocurrency market, which is down by a similar percentage today.
ADA is now down by 2% in a week and by 10% in a month, with the altcoin – the eighth-biggest coin in the market – holding on to a very modest 3% gain in a year.
Despite these disappointing percentages, some analysts are now predicting that Cardano could be on the brink of a big move.
This is the view of chartist Ali Martinez, who recently suggested that a converging triangle pattern points to an incoming breakout.
Is Cardano About to Shoot Up? Analyst Says a Major ADA Surge Is Near
Posting on X, Martinez shared ADA’s one-hour chart, which is displaying a very pronounced bullish pennant.
In other words, ADA’s price range has been converging towards a single point, something which could forced it to break upwards (or downwards) in the near future.
Based on this pattern, Martinez suggested that a 15% increase was in the offing, although sadly the four days since this prediction haven’t been kind.
Cardano is actually down by 6% since March 14, while two days later Martinez himself posted a subsequent tweet which shows that whales are actually selling ADA.
As such, a 15% increase may not be something in Cardano’s immediate future, although the fact that it has become so oversold should imply that a big rebound will come eventually.
Looking at its one-day chart, it’s currently in a risky position, with its indicators capable of falling further, bringing the coin’s price with it.
For instance, its RSI (purple) has declined from 70 at the start of the month to just under 40 today, with past history suggesting that a further decline is entirely possible.
Source: TradingView
Perhaps more disconcertingly, ADA’s 30-day average (orange) is about to fall below the 200-day (blue), forming a ‘death cross’ that can portend more losses.
Matters aren’t really helped by the macroeconomic situation, with tariffs – and the threat of recession – continuing to dominate the narrative.
We therefore might not see Cardano improve until the wider global economy improves, which could take several months yet.
But because ADA does have some very solid fundamentals, we can expect it to return to $0.80 by the end of April, and to $1 by H2.
Newer Alts Look More Bullish
Because Cardano may be slow for a while, some traders may prefer to turn to newer tokens, which can often show more positive volatility.
This includes presale coins, which on occasion can outperform the market, rallying when they list for the first time.
This often depends on the size and success of their sales, with one successful presale right now being that of Solaxy (SOLX), a layer-two network for Solana.
SOLX has raised more than $26.8 million in its sale, with investors excited by its fundamentals and promise of making Solana more efficient for users.
As an L2, Solaxy will provide Solana users with lower fees and faster transactions, with its platform also enabling instant bridging between itself and its parent chain.
Solaxy will help users avoid network congestion and failed transactions, which continue to make up a significant percentage of overall Solana transactions.
Its team also plan to expand chain compatibility over time, giving it a very big reach within the wider crypto ecosystem.
And with the ability to stake the token, it could attract considerable demand, as suggested by its big presale.
Investors can join this presale at the Solaxy website, where SOLX is selling for $0.001666.
This price will rise later today, and will rise every few days until the sale ends.
The post Is Cardano About to Shoot Up? Analyst Says a Major ADA Surge Is Near appeared first on Cryptonews.
