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Cardano (ADA)’s “weird cult” status and potential price target at $5

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Cardano (ADA) has been consolidating ever since the low of the market crash was established. The price movements have been indecisive so far with no trend being established, At the time of writing, Cardano (ADA) stands at a price level of $1.58. The price has been increasing in the daily timeframe while the daily trading volume has been falling.

Cardano (ADA) Technical Analysis

The market sentiment for cryptocurrency is bullish. Out of the total twenty-six technical indicators, ten are giving out a buy signal, nine are standing at a neutral position while seven indicators are giving out a sell signal. The oscillators are neutral while the moving averages are suggesting an uptrend in the daily timeframe.

Cardano (ADA) Technical Analysis
Cardano (ADA) technical analysis

Cardano (ADA) has been established a horizontal resistance as strong support. The cryptocurrency has been somewhat stable in the region ever since. With highly erratic price movements, Cardano is expected to soon pick up the bullish momentum and reach toward higher highs. A trader’s analysis has identified the price level of $5 as a possible long-term target. Digital Coin Price’s forecast show that the cryptocurrency may reach $5 2026.

What can cause price fluctuations of Cardano (ADA)?

High profile figures have been vocal about the cryptocurrency – some in a positive note while others not so much. Ethereum co-founder Anthony Di Lorio is bullish on two cryptocurrencies right now – Cardano and Polkadot. Di Lorio revealed in an interview that he has a good investment in Cardano and Polkadot. The reason behind the bullishness of these cryptocurrencies is the co-founder’s believe in the team managing the projects. Di Lorio thinks both the projects are being managed by goal-oriented people who will help these projects excel.

 

On the other hand, billionaire Mike Novogratz thinks Cardano is a “weird cult”.Novogratz had quite a few negative things to say about Cardano in a conversation with Yahoo Finance. The billionaire is shocked by the overvaluation of Cardano. Cardano co-founder Charles Hoskinson regarded the billionaire as just being bitter because of the lack of a good entry point for him.

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