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Cardano (ADA) Poised for Another Surge?

Cardano ADA Set To Pump.... AGAIN?!
Cardano ADA Set To Pump.... AGAIN?!

Cardano (ADA), the native cryptocurrency of the Cardano blockchain, has been exhibiting signs of renewed momentum, suggesting the potential for an upward surge. In a recent video analysis, JB delves into the technical indicators and market dynamics that could shape ADA’s trajectory.

Previous Prediction and Retracement

In a previous video, JB accurately predicted a retracement for ADA’s era, anticipating it to reach around 37.3 to 35.4 C. The actual retracement occurred, reaching around 35.5 C, slightly deeper than expected.

Optimism for Upward Movement

Despite the recent pullback, the broader market trend indicates optimism for an upward movement in ADA’s price. JB suggests the possibility of a push to the 40 to 41.9 C level for ADA’s era.

Impulsive Move and Potential Targets

The chart indicates a potential wave 1, wave 2, and a larger impulsive move to the upside. Targets for an impulsive move include 44.1 to 44.368 C, with a potential larger structure forming.

Indicators Supporting Upward Continuation

Smart money indicators and EMAs/SMAs on the one-hour chart support the idea of an upward continuation. The daily chart outlines a potential fifth wave within a triangular wedge, targeting 40.8 to 46.4 C. The weekly chart highlights Cardano’s era testing the 50 EMA, with a potential move to the upside.

Long-Term Bearish View

Despite short-term optimism, the analyst maintains a long-term bearish view, with a target of 19.5 to 16.38 C. This long-term perspective serves as a reminder of the potential for market fluctuations.

Staking for Passive Income

JB concludes with a reminder to stake Cardano for passive income and a promotion for Cheek Stake pool. Staking allows ADA holders to earn rewards while contributing to the network’s security and governance.

Conclusion

Cardano (ADA) is poised for another potential surge, with technical indicators suggesting an upward move. However, investors should exercise caution and consider the long-term bearish outlook. Staking Cardano provides a passive income opportunity while supporting the network’s growth.

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