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The Cardano price soared 16% in the last week and 4% in the last 24 hours to trade at $0.7108 as of 12:24 a.m. EST, driven by a 16% increase in trading volume to $1 billion.
ADA Price Poised For A Bullish Continuation
The ADA price on the 12-hour chart shows a significant technical breakout.
The Cardano price has decisively broken out to the upside after a prolonged downtrend, forming a classic falling wedge pattern, typically a bullish reversal setup, GeckoTerminal data shows. This breakout indicates a shift from bearish to bullish sentiment, signaling the potential beginning of a new uptrend.
Additionally, the price has moved above the 50 Simple Moving Average (SMA) on the 12-hour chart, currently at $0.6360, and is approaching the 200 SMA at $0.7648.
This interaction with the 200 SMA is critical; a sustained move above it would confirm a longer-term trend reversal and further strengthen the bullish outlook.
Meanwhile, the Relative Strength Index (RSI) is currently at 64.14, in the bullish territory but not yet overbought. This suggests there is still room for upward movement before the asset becomes technically overextended.
The MACD (Moving Average Convergence Divergence) indicator is also showing positive momentum. The MACD line (blue) has crossed above the signal line (orange), and both lines are trending upwards in positive territory.
Cardano Price Prediction – Bulls Aim For A 16% Surge
As a result of the breakout from the falling wedge, the bullish RSI, and the MACD crossover, the ADA price appears to be entering a strong upward phase.
The move from the wedge pattern breakout projects a potential price target near the $0.82–$0.83 zone, within the 200 SMA, which is a 16% surge from the current Cardano price.
However, failure to hold above this resistance may result in a retest of the $0.63 support level, which coincides with the 50 SMA and the upper wedge line.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro, with over 136K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Hurtles Towards $12 Million In Presale – Next 10X Crypto?
The presale for leading Web3 wallet Best Wallet has been on an upward trajectory, as investors have already poured over $11.8 million into the project so far.
Lauded for its functionality and suitability for today’s market landscape, the non-custodial wallet recently reached over 500,000 total users, with over 250,000 monthly active users.
With a user-friendly design, advanced features, and high staking rewards, many see the project as the future of crypto wallets.
Unlike MetaMask, which is primarily Ethereum-focused, or Trust Wallet, which is great for beginners, Best Wallet supports over 60 blockchains and comes with a user-friendly interface.
Best Wallet provides the tools needed to navigate market dips effectively, ensuring users can discover and invest in top-tier projects before they gain mainstream traction.
That means you can manage everything from the top altcoins to the latest up-and-coming tokens in one place.
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— Best Wallet (@BestWalletHQ) December 30, 2024
Get In On Projects Early With The Upcoming Tokens Feature
BEST holders benefit from lower transaction fees, early access to future presales at stage zero pricing, governance voting rights, and potential cashback rewards through Best Wallet’s upcoming crypto debit card.
Furthermore, the platform’s “Upcoming Tokens” feature allows users to discover and purchase presale tokens directly within the app, eliminating the need for external wallets or third-party platforms.
The project’s success in identifying promising projects is clear. It has already identified tokens, including Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that have delivered huge gains for early investors.
Currently, BEST tokens are priced at $0.02485. Investors can also stake BEST tokens for a huge 127% annual return.
Those interested in joining the project’s presale should buy BEST before a price hike in around 12 hours.
Learn more about BEST on its official website.
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