Analysts working with Ben Armstrong Cardano He predicts that the price may rise by 44% in the medium term. In addition to this bullish prediction, he also claimed that the altcoin price could reach $5 during the next bull cycle.
Analysts noted that the S&P 500 index fell below a positive trend line on its charts. However, the index has since recovered and started trading above the trend line again as of press time.
Although there is no strong correlation between the S&P 500 and the cryptocurrency market, analysts believe that increases in the traditional stock market cryptocurrency He believes that it increases the possibility of rising prices in the market. As a result, the recovery of the S&P 500 in the last few days could help Cardano price enter into a strong upward move.
As Koinfinans.com reported, a medium-term descending triangle draws attention on the ADA charts. This is a detail that increases the possibility of a decline if the altcoin price falls to the lower base of the model seen on the chart. The price tested $0.2375 earlier but the bulls managed to remain strong.
Analysts stated that as a result, a bullish divergence occurred on the Cradano charts. At the time of the video’s publication, ADA’s RSI indicator was making higher lows while ADA price remained inactive. This bullish divergence has continued over the past few days, resulting in the cryptocurrency breaking out of a significant bearish chart formation.
However, the overall uptrend may start with a climb to the target around $0.37. At press time, the price was trading around $0.25. This means that a possible upward movement is unlikely.