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Cardano Potentially Forming Macro Top Even With 400% Price Surge

Cardano (ADA), has stood as one of the strongest top digital assets for the past few weeks, now, as it finds itself in a massive uptrend. This uptrend, in turn, has caused the coin to see an incredible climb of over 400% ever since its lows reached mid-March during the COVID-19 inspired market crash.

Shelley Mainnet Sparking Rally of Rallies

The critical factors for this massive amount of hype the network has been experiencing can be pointed to the Shelley Mainnet upgrade that has recently seen its launch. With this upgrade, it’s expected to help decentralize the network, even more, all the while helping to increase the scalability of the network at large.

As one can see by the insane rally, investors are convinced that the new mainnet launch is of fundamental significance. The only proof one needs for this sentiment is the intense, multi-month rally that ADA had managed to keep going all this time.

Potential For Forming Macro Top

To add some spice in the mix, it seems that some analysts are starting to take notice of something. They speculate that the ADA cryptocurrency may very well be forming a macro top formation, in the process.

At the time of writing, Cardano is trading at $0.134488, and has seen a 26% rise, according to Coingecko. The token itself has seen a steady climb for the past few months, now, and has already blasted past several key levels of resistance in the process.

Slowly Winding Down

As it keeps going up, one analyst, in particular, is speculating more in terms of near-term upside.

He stands convinced that the price of ADA will simply keep climbing until the next resistance point, which itself stands just above its current BTC price: 1,180 Sats. That same analyst, however, is expecting a dip in the market somewhere within the range of 900 Sats, as well.

Cardano stands poised to see a slightly further near-term upside. Even so, the possibility of forming a macro top on the ADA price is a very strong possibility. In a recent tweet, an analyst pondered whether or not the chart is starting to signal the bull run coming to a close.

Either way, ADA has seen some overwhelming success. With any luck, the coin won’t bubble out, then crash, much like what happened with Bitcoin back in 2017-2018. A successful, competitive crypto will do wonders for the industry, as only Bitcoin is seen as a truly reliable resource at this time.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.