Cardano’s potential for bullish movement amid recent events has been analyzed by FieryTrading, with a target set at $24 and a high risk/reward ratio of 116. The analyst sees a possible top for ADA in the next bull cycle, presenting an attractive opportunity despite the lower probability. The suggested entry point is near the channel support, providing traders with a potentially profitable position.
FieryTrading’s technical analysis of ADA against USDT on a weekly timeframe reveals an upward trend channel since mid-2020. The bullish target of $24.5800 represents a significant increase of 5852.38%, with a stop-loss level at $0.2110 to manage risks. While the risk/reward ratio is high at 116.49, indicating potential rewards outweighing the risks, other indicators such as RSI and MACD present a mixed picture, suggesting a possible shift in momentum.
Cardano recently faced a DDoS attack but remained fully operational, showcasing its resilience and decentralized architecture. Analyst Dan Gambardello praised Cardano’s security measures and community response, highlighting its fundamental strengths. With the upcoming release of Cardano node 9.0 and the Chang fork in June, Cardano is poised for further growth and improvement, demonstrating its commitment to continuous development.
Amidst the DDoS attack and network upgrades, Cardano’s price is currently trading at $0.3914, with a 24-hour trading volume of $245,079,789.90 and a 1.00% price increase in the past week. By analyzing Cardano’s potential for bullish movement and resilience during challenging times, FieryTrading provides valuable insights for traders looking to capitalize on ADA’s upward trend within the parallel channel.
In conclusion, Cardano’s bullish potential, highlighted by FieryTrading’s analysis, presents an attractive opportunity for traders despite recent events such as the DDoS attack. With a target set at $24 and a high risk/reward ratio of 116, ADA’s upward movement within the parallel channel indicates a possible top in the next bull cycle. The upcoming network upgrades and Cardano’s resilience showcase its commitment to continuous improvement, making it a promising asset for investors looking to capitalize on its long-term bullish trend.
