Cardano (ADA) has gone up by 3.6% in the past month despite the latest pullback that the crypto market has experienced amid the White House’s hostilities with China on the trade front.
Yesterday, President Donald Trump highlighted that reaching an agreement with Beijing would be “extremely hard” while Treasury Secretary, Scott Bessent, commented that negotiations were a “bit stalled” at the moment.
This deteriorates the macroeconomic backdrop but may favor cryptocurrencies as an economic slowdown caused by higher-for-longer tariffs could prompt the Federal Reserve to lower interest rates.
Lower rates result in higher liquidity for the financial markets in the near term and would favor a bullish Cardano price forecast.
In addition, in late May, significant progress was made to expand Cardano’s decentralized finance (DeFi) ecosystem as the first Bitcoin-to-Cardano transaction involving Ordinals was successfully executed.
Charles Hoskinson, the founder of the Cardano project, emphasized that a full integration between these two powerful blockchains could unlock nearly $1.5 trillion in cross-chain trading volumes for the network.
This could be the beginning of a new era for Cardano that could result in significant upside potential ahead for its native asset ADA.
Cardano Price Prediction: ADA Could Retest $1 After Bullish Breakout of Falling Wedge
Cardano (ADA) encountered strong selling pressure at around $0.84 lately and proceeded to move lower, below the $0.70 level at some point in the past few days.
Trading volumes have been relatively stable in the past 24 hours as the token has booked a mild gain of 0.4%.
A falling wedge has formed as a result of the latest price action. This is a bullish setup that could deliver significant gains.
Momentum indicators seem to be improving as the Relative Strength Index (RSI) is now pointing upwards and appears to be heading to retest its 14-day moving average from below.
The price has dived below its short-term and long-term EMAs. Hence, it would need to jump above those resistances to move higher.
A successful breakout above the $0.70 level would favor a short-term Cardano price prediction of $1, especially if a bullish crossover between the 21-day and 200-day EMA occurs.
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The post Cardano Price Prediction: Technical Points to Breakout – $10 Next? appeared first on Cryptonews.
