Cardano (ADA) continued to demonstrate impressive resilience throughout Friday, albeit trading mostly flat, despite a minor retracement that began on Thursday, following a remarkable surge over the past week.
At press time, ADA was retesting the critical $0.52 support level, which it successfully breached on July 13, indicating a possible upward bounce. Analysts are closely monitoring ADA’s movements in response to the recent market surge, with some issuing bold predictions regarding its future price.
One notable forecast came from an analyst “Captain Faibik,” who predicted that ADA’s current value could double.
“ADA Train has left the station. Expecting 2x Bullish Rally in the Midterm, so don’t miss the Ride,” the pundit wrote. Faibik’s optimism stems from ADA breaking out of a seven-month-long asymmetric triangle pattern, indicating a significant breakout from its previous consolidation phase.
Elsewhere, popular crypto analyst “Ssebi” echoed similar sentiments, noting that historical price action around ADA crossing the 50-day moving average (MA) signals a promising setup.
“Last time when $ADA crossed 50 Daily MA…ADA went up 50% in about 2 weeks of time. It is highly likely we will see the same again,” noted Ssebi, adding that his short-term target would be around $0.60-$0.70.
These bullish outlooks come amid a flurry of positive developments within the Cardano ecosystem. The recent launch of Cardano node version 9.0 and the upcoming Chang hard fork, anticipated later this month, stand out as pivotal milestones poised to elevate the network’s capabilities and security measures.
Notably, Cardano node version 9.0, unveiled this week, represents a significant achievement in the blockchain’s evolution, marking the culmination of essential development phases for establishing on-chain governance.
Furthermore, ongoing initiatives such as Project Catalyst, which recently concluded its twelfth funding round, underscore ADA’s robust fundamentals. This initiative, dedicated to financing innovative projects within the Cardano ecosystem, has garnered substantial support, reflecting increasing confidence and community involvement.
These technical advancements are widely viewed as potential catalysts to increase ADA’s price. It is important to also note that ahead of its previous hard fork in 2021, ADA surged 130%, skyrocketing from $1.35 to $3.10 in just a month. According to an analyst from crypto analytics firm IntoTheBlock, this pattern could unfold ahead of the Chang Hardfork.
According to CoinMarketCap data, ADA traded at $0.4366 at press time, reflecting a 2.16 percent increase in the past 24 hours.
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