With a recent 30% increase in ADA's price, we explore what lies ahead for this token, while discussing the commendations from Cardano's founder, Charles Hoskinson, to the XLM and HBAR communities.
ADA Chart Analysis: Ready to Break Higher?
According to the latest chart analysis, ADA has managed to break above its 50-day moving average and emerged from a sideways movement. This move is significant, considering the token cleared the short-term resistance zone around $0.74. The current horizontal resistance level is around $0.85, which previously rejected the price in May. If bulls can break through $0.85, it may pave the way for a rally towards $1.00 and beyond.
Additionally, the relative strength index (RSI) is above 70, indicating strong bullish momentum, while also suggesting potential overbought conditions in the short term.
Analyst Sssebi remarked:
> *“$ADA is getting ready for a massive move! Once it breaks the resistance area at $0.85, it will be a free ride to $1+.”*
Cardano’s Founder Tips His Hat to XLM and HBAR
As ADA builds momentum, Cardano's founder, Charles Hoskinson, congratulated the XLM and HBAR communities for their recent successes. He stated:
> *“Congratulations to the teams and communities behind Stellar and Hedera. You’ve weathered the storms and kept building.”*
Both cryptocurrencies have demonstrated significant gains, with XLM rising 93% in just seven days and HBAR surging 55%, driven by smart contract upgrades and increased enterprise adoption.
What’s Next for ADA?
ADA's current setup appears promising. If bulls successfully break through $0.85 in the coming days, the trajectory to $1.00 or even $1.20 becomes much clearer. However, attention should be paid to volume and RSI. If ADA stays below $0.85 for too long without momentum, a brief cooldown might occur.
Given the overall rise in the altcoin market and Hoskinson's positive energy, ADA could be primed for its next significant increase.
In conclusion, ADA finds itself in an interesting position with the potential for further growth, and the support from Cardano’s founder highlights the importance of collaboration in the cryptocurrency space.
