- ADA could reach $1 before Bitcoin’s halving, an analyst said.
- The price could rise above $0.60 in a few days.
Cardano [ADA] could be set to reach $1 and possibly rise above if Crypto Capital Venture’s prediction comes to fruition.
According to Dan Gamberdello, who hosts the sessions on YouTube, several technical indicators supported the forecast.
Using the 4-hour and weekly ADA/USD chart, the analyst noted that the Stoch RSI, which reached overbought and oversold territory, indicates that a significant shift is underway.
For the unfamiliar: the Stoch RSI is a short form of the Stochastic Relative Strength Index (RSI). It is a technical analysis indicator used to support market forecasting by comparing price ranges.
ADA could be ready to follow Bitcoin
As for the price, Gamberdello referred until November 2020. It was during this period that Bitcoin [BTC] The bull market started and ADA also had a great upside.
In defense of his prediction, the analyst noted that the Stoch RSI was at a similar point that led to the parabolic move.
Additionally, the analyst said the Cardano rally could happen before Bitcoin’s halving. Using the historical position of the Stoch RSI as support, he said:
“This time it’s happening before Bitcoin’s halving. The last time it was after the halving.”
Recently, AMBCrypto discussed ADA’s price action. In the article, we discussed how the value could reverse after rising to $0.56.
In another piece, on-chain and technical indicators suggested a move that could take the ADA to $0.68. At the time of writing, ADA’s price was $0.58, indicating that the reversal only lasted a short period.
Until February 13, active addresses rose to 48,000. According to Santiment, that number had dropped to 36,300.
The Active Addresses metric shows the number of unique wallets interactive with a sign. If Cardano’s active addresses continue to decline, ADA’s price could stall.
Source: Santiment
A rise to $1 is possible if…
If the metric recovers to its previous peak, a rally close to $1 could be possible. When it comes to development activities, Santiment showed the benchmark plummeting.
Previously, Cardano had spearheaded other projects in development.
So, the recent drop implies that the project has not released any new features in recent times. While development activity can be a bullish indicator, it rarely impacts prices.
From a technical perspective, the price of ADA could continue to rise. One reason for this prediction was because of the Supertrend.
At the time of writing, the green segment of the Supertrend was below the value of ADA. This condition suggested that shorts could be liquidated if they do not close existing positions.
On the other hand, the sell condition appears when the price crosses below the super trend line.
AMBCrypto also tried out the Awesome Oscillator (AO). At the time of writing, the AO value was positive, indicating increasing upward momentum.
Realistic or not, here is ADA’s market cap in BTC terms
Similarly, the Relative Strength Index (RSI) also rose. At the time of writing, the RSI was 68.09, indicating that buying momentum was solid.
Source: TradingView
Should buying pressure continue to increase, ADA could make an initial stop at $0.68. If profit-taking doesn’t overshadow the uptrend, the price could get close to $1.