Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization list. Its recent price action has fueled a bullish sentiment among investors and market watchers, who believe the token might be near a rally toward $1. Related Reading: BNB Falters At $600, Paving The Way For A Deeper Pullback Cardano Breaks Out To Reclaim Top 10 Spot Cardano\u2019s price has steadily declined after the March highs, registering a 42% drop in the last six months. During the Q1 rally, the token hit its highest price since 2022, reaching the $0.774 price range. Since then, ADA has nosedived to pre-rally levels, disappointing some investors and market watchers. The crypto community has repeatedly slammed the project for a \u201clack of appeal\u201d to the broader public. Additionally, many have criticized ADA\u2019s \u201cunderwhelming\u201d price action. However, the token\u2019s recent rally has sparked a bullish sentiment among some community members. Despite the early September market shakeouts, the cryptocurrency has registered a 10% surge from its monthly opening, seeing green numbers in the weekly and biweekly timeframes. Technical analyst Crypto Yapper noted Cardano\u2019s recent performance. The analyst highlighted that ADA displayed a multi-month descending broadening wedge structure on its chart with multiple touch points on the top side and on the lower side. Inside this structure, the cryptocurrency displayed a smaller falling wedge pattern with its upper trendline being tested again on Monday. The analyst stated that the $0.35 was the first crucial resistance level for the token. Claiming this key zone and breaking out of the falling wedge pattern could create more bullish action and move the price toward the upper line of the bigger bullish structure. On Monday, Cardano\u2019s token reclaimed the $0.36 range, a level not seen in nearly a month. The surge sent ADA\u2019s price toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning. The recent performance also pushed Cardano back to the top ten cryptocurrencies list after ADA\u2019s market capitalization surged 6%, surpassing Tron (TRX) in the last 24 hours. Analysts See New Price Targets For ADA Today, Crypto Yapper noted that ADA broke above resistance as the cryptocurrency was creating a higher high on the daily chart. This performance \u201cindicates a huge trend reversal for Cardano.\u201d However, he pointed out that to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structure\u2019s higher price range of $0.52. Related Reading: Bitcoin (BTC) On Track For \u2018Strongest September Performance\u2019, Is $90,000 Next? Other analysts also highlighted ADA\u2019s performance and breakout, suggesting that the cryptocurrency has the potential for a 170% surge. Dan Gambardello pointed out, “Cardano just went through a phenomenal throwback to a colossal triangle pattern.\u201d To the analyst, \u201cIf crypto is about to enter a green October, I anticipate ADA will reclaim $1 with haste.\u201d ADA is trading at $0.378, a 6.2% and 12.2% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":602565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,79508,91120,72612,12332,15234,26263,10923,88477,73938],"class_list":["post-644422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-adausdt","tag-altcoin-bullish","tag-bullish-analysis","tag-cardano","tag-cardano-ada-price-chart","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-recovery","tag-descending-broadening-wedge"],"acf":[],"yoast_head":"\n
Cardano Reclaims Top 10 Crypto Spot, Analysts Set New Targets<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n