Cardano poised for major upside as analysts confirm bullish technical indicators

Cardano (ADA) is showing several bullish signs, including an impending buy signal, a bullish divergence, and a falling wedge breakout.

Cardano (ADA) is currently showing promising bullish signals on its daily chart, according to recent analysis by a well-known analyst. Both Jesse Olson and Captain Faibik highlighted significant technical indicators that suggest an upside move is imminent. This comes at a time when Cardano’s price is demonstrating resilience and showing potential for significant growth.

**Pending buy signal and bullish divergence**

According to Jesse Olsen, the daily chart of Cardano (ADA) against the US Dollar (USDT) shows a pending buy signal, suggesting an imminent rise in prices. There is a significant bullish divergence, where the price of ADA is making new lows, while indicators such as the RSI and MACD are showing higher lows.

This divergence often indicates a weakening of bearish momentum and a potential trend reversal. The RSI is currently showing a move away from the overbought zone while also indicating a possible bullish crossover formation, suggesting that ADA could be undervalued and ready to move upwards. Moreover, the MACD indicator showed a bullish crossover, where the MACD line crossed above the signal line, indicating a shift in momentum from a bearish to a bullish market.

RESISTANCE AND TREND LINE BREAK

Further analysis of the chart shows that several resistance levels are marked between $0.45 and $0.65, which could serve as potential target areas for price increases. There is also a downtrend line in place on the chart that ADA is trying to break above.

A successful breakout of this trendline could mean a turnaround from the current downtrend to an uptrend, further supporting the bullish outlook.

BEARING WEDGE BREAKOUT AND EXPECTED RISING TURN

Captain Faibeek’s analysis confirmed a falling wedge breakout for ADA, which is a classic bullish reversal pattern that usually brings significant price gains. This breakout signals the end of an ongoing consolidation phase and suggests strong bullish momentum. Captain Faibeek sees potential upside for 70%, with a price target set in the $0.90 to $1.00 range. This is consistent with the typical behavior after a falling wedge breakout, which usually leads to a large price increase.

As of June 2, all parties have expressed their views on Cardano’s potential long-term price direction. It is currently trading at $0.4159, up 7% from last week and well below its all-time high of $3.10 set in September 2021.

However, platforms like Changelly are optimistic about the future of ADA, predicting that it might reach $100 by 2040, $300 six months after reaching $100, and $500 by 2050. To achieve these milestones, ADA would need to see significant growth and market valuations soar to new highs.

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