Cardano ADA News: Analyst Predicts Explosive Rally to $3 Upon Breaking Key Resistance

Despite recent struggles in maintaining bullish momentum, Cardano (ADA) is poised for a significant price recovery, according to analysts. With the cryptocurrency still 67% below its all-time high of $3.09, experts believe that breaking a key resistance level could trigger a rally to $3 in the coming months.

Expert Bullish On Cardano: Forecasts Explosive Rally To $3 Once This Resistance Is Broken

Cardano (ADA) has struggled to maintain the bullish momentum it experienced in recent weeks, with its price still trailing approximately 67% below its all-time high of $3.09, reached during the 2021 bull run. Despite this significant gap, analysts believe that the potential for a robust price recovery exists in the coming weeks and months ahead of the new year. Trend Rider, a prominent analyst on the social media platform X (formerly Twitter), provided insights on Cardano’s current price action, noting that the price dipped below the parabolic line, indicating a cooling-off period, which occurred just above the $1 mark last week. However, he emphasized that the Cardano price is consolidating above its moving averages, suggesting a potential breakout.

Cardano (ADA) Futures See Short Surge as Negative Sentiment Mounts

As Cardano's momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA. According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions. An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price. Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.

Jeff Pollack Joins Philcoin as COO as PhilSocial Nears Launch

Philcoin, a blockchain platform focused on social good, has appointed Jeff Pollack as its Chief Operating Officer (COO). Pollack, who previously served as the CFO of Cardano (ADA), brings over 30 years of experience in global finance and technology to Philcoin. His career includes senior leadership roles in asset management, investment banking, and private equity, with a strong focus on blockchain technology. Pollack has also held significant positions such as COO for the U.S. subsidiary of Mizuho Securities and CFO for the Americas at Newedge Group. Philcoin is set to launch PhilSocial, its new initiative, on January 25, 2025, marking a significant milestone in blockchain philanthropy.

Cardano (ADA): An Old Favorite Losing Steam?

Cardano (ADA) has been a favorite among patient investors due to its scientific approach, rigorous peer review, and layered architecture. However, the article suggests that Cardano (ADA) might be losing its momentum as newer altcoins like Remittix (RTX) emerge with innovative use cases and high ROI potential.