Ada crypto price prediction: Cardano (ADA) price rally continues, strong bullish signal

Crypto price prediction:

Ada price will increase up nearly 30% above $1 level, before make correction

Ada's price has soared by more than 22 percent in the last 24 hours, trading above the $1 mark. Over the past week, the cryptocurrency has surged by an impressive 44 percent, marking a significant upward trend. This recent price spike comes after the announcement that Gary Gensler, the former head of the SEC, is stepping down from his position. This news has created a wave of optimism among investors, as Gensler had previously classified Ada, like many other altcoins, as a security, which had led to negative sentiment.

With Gensler's departure, investors are now viewing this development as positive news, resulting in increased demand for Ada. This shift in sentiment is evident from the recent price movements. According to Josh, an analyst from Crypto World, ADA's price surge has led to over $12 million in liquidations, with $3.79 million in long positions and $8.60 million in short positions being liquidated.

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Looking ahead, Ada could potentially rally nearly 30% above the $1 level, reaching up to $1.263. This projection follows the cryptocurrency breaking past the $0.908 resistance level that was set in April 2022. Such a significant breakout suggests a strong bullish trend for Ada, as it continues to gain momentum in the market.

However, it is essential to consider some cautionary signals. The Relative Strength Index (RSI) for Ada is currently in the oversold region at 69.77, which indicates that the cryptocurrency might experience a price correction soon. Additionally, the Awesome Oscillator, a tool used to measure market momentum, has crossed above the neutral level for the first time since April, further highlighting the rising bullish momentum.

Despite the bullish outlook, a daily candlestick close below $0.683 could invalidate the positive trend, signaling potential risks for investors. Therefore, while the current market conditions are favorable for Ada, it is crucial for investors to stay vigilant and monitor key support levels to manage potential risks effectively.