Posted 12/8/2023, 10:30:00 AM
ADA Price Surges to New Highs on Sustained Bullish Momentum
- Cardano (ADA) price reached a new yearly high of $0.50 today after a 10% daily increase, breaking out from a 430-day long resistance level
- ADA is in the process of creating its 8th consecutive weekly bullish candlestick, with technical indicators suggesting the uptrend still has momentum
- Price target based on Elliott Wave theory is $0.70, requiring a 40% further increase from current levels
- Support level to watch is $0.38 - a decrease below this would invalidate the bullish outlook
- If uptrend continues, $1 price level is within reach though not specifically forecasted in this analysis