Cardano's ADA Token Surges 23.3% Amid Altcoin Market Momentum

Cardano's ADA token has recently shown significant bullish momentum, becoming the second-best-performing token in the top 10 over the past week with gains of 23.3%. This surge has sparked optimism among analysts who are now eyeing a potential move toward the key $1 psychological level in the near term. The momentum across the altcoin market has been fueled by the approval of several altcoin-linked ETFs and a wave of pro-crypto legislation.

Pseudonymous trader The DApp Analyst, who has over 10,000 followers on X, shared a weekly chart indicating that ADA may have officially broken out of its long-standing downtrend. This breakout in high time frames is typically considered a high-probability setup. The trader emphasized that the Stoch RSI just stepped out of oversold levels, suggesting that this breakout could be an early buy signal with huge upside potential ahead. He set a target of $1.4 for ADA if the move aims toward the nearest area of external liquidity, meaning an 87% upside potential from the current price.

Looking at the daily chart, this trader’s analysis seems to be accurate as Cardano broke its descending price channel in this lower time frame. ADA has also climbed above its 200-day exponential moving average (EMA), which favors a bullish Cardano price prediction. The 9-day EMA just made a bullish crossover above the 200-day EMA, known as a ‘golden cross’ that usually precedes a big and explosive move. The first target for ADA, based on its most relevant liquidity zones, could be set at $0.87, meaning a 17% upside potential from current levels. The Relative Strength Index (RSI) just entered overbought levels, indicating that the uptrend is quite strong. In case of a pullback, the price could retreat to the 200-day EMA to raise liquidity and bounce back to resume its upward move.

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