Cardano (ADA) Poised for Potential 110% Rally Amid Key Market Conditions
Cardano’s ADA token shows technical indicators suggesting a possible doubling in value, though this bullish scenario depends on overcoming critical resistance levels and sustained market momentum. Analysts note that while the setup appears promising, failure to hold key support zones could invalidate the upward trajectory.
ADA onchain metrics | Source: Santiment
Cardano price analysis
The daily chart shows that the ADA price has been in a strong sell-off in the past few months. It dropped below the 100-day and 50-day moving averages as the sell-off intensified.
Fortunately, there are signs that Cardano may rebound and even double and reach its highest point in November last year. It has formed a falling wedge, which happens when two trendlines NEAR their confluence level.
Cardano has also formed a bullish diverge as the Awesome Oscillator and the MACD indicators have risen. Therefore, further gains are likely to be confirmed if it rises above the 100-day moving average at $0.728. A drop below the support at $0.51 will invalidate the bullish view.
