Cardano Quietly Prepares for a Mega Crypto Rally

Key Takeaways

The Cardano Foundation published its Financial Insights Report.
The Cardano (ADA) price is breaking out of a descending channel.
Can ADA sustain its momentum and reach $1 for the first time in years?

Cardano (ADA) bounced back on June 22 and has climbed nearly 50% since.

Despite the strong move, Cardano is still trailing much of the crypto market and is currently moving in line with Bitcoin’s (BTC) pace.

So, will ADA finally start catching up, or is it poised to remain one of this cycle’s underperformers? Let’s examine the charts.

Cardano Financial Insights Report

Last week, the Cardano Foundation published its Financial Insights report for the previous year.

Its highlights include:

More than $22 million was allocated to adoption, education, and resilience.
Nearly $660 million in assets.
Over $17 million ADA earned via staking.

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ADA’s Bullish Reclaim

The weekly time frame analysis shows that ADA has reclaimed several key levels in the past three weeks.

First, it bounced at the support trend line of a descending parallel channel that has existed since the cycle high.

Then, ADA bounced and reclaimed the $0.60 horizontal support area while moving above the channel’s midline.

These are all positive signs that indicate a bullish trend reversal is underway.

ADA Weekly — ADA/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView

The remaining obstacle is the channel’s resistance trend line at $0.95. If the price of Cardano clears it, the road to new highs will be clear.

Cardano’s bullish price prediction is only missing positive technical indicator readings.

This week, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are at 50 and 0, respectively.

The indicators are trending bullish but have not confirmed the trend reversal yet.

Cardano Price Prediction

Cardano’s daily analysis also suggests that the ADA will continue rallying and finally cross $1.

ADA has completed a double bottom since April, a pattern that usually leads to bullish trend reversals.

The wave count legitimizes the pattern, showing two completed corrective structures and the start of a five-wave upward movement.

ADA Wave Count — ADA/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

If the count is accurate, ADA is in wave three of this move, explaining the parabolic frenzy that is underway.

Cardano has a price target of $1.08 for the top of the rally, which will give the current increase 1.61 times the length of the previous one.

Since the target is close to the long-term channel’s resistance, the reaction once the price gets there can help determine the future trend.

Cardano Above $1

Even though the Cardano price lagged behind the crypto market in July, it will likely catch up soon.

ADA is in the most bullish portion of a five-wave increase, including the reversal after a double-bottom pattern.

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Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

[email protected]

X.com

Cardano Foundation Reports Strong Financials — ADA Price Poised To Join Crypto Rally

Cardano Financial Insights Report

ADA’s Bullish Reclaim

Cardano Price Prediction

Cardano Above $1

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