Crypto analysts are watching an altcoin project that has been moving sideways in recent months and may explode soon. As the popularity of EOS and COLT increases, this project may be the new preference of investors…
Analysts choose altcoin project that can rise 40%
In a recent report by Fxstreet analysts, an expected 40% rise has received an altcoin. Related crypto Cardano (ADA) is struggling to close its second consecutive week with green candles above 5%. It could regain an attempt to hit $0.415, which is a crucial level for further uptrend or downtrend.
Strong winds are behind Cardano price
Cardano price was initially on its way to $0.415 after slicing the 55-day and 200-day SMA. Unfortunately, turmoil in the Fed and the banking system swept away that plan and pushed price action back into bearish moves. ADA is working on recovery this weekend and is on a good track to break $0.415 next week.
ADA could see significant support and continued buying on the decline, adding more and broader interest from investors. Analysts expect the balance between bears and bulls to break in favor of the bulls and reclaim $0.415. With this longer-term projection, it could be about $0.50 on the cards by the end of April.
The risk of resistance may come from bears that fall heavily below the 55-day and 200-day SMA. With ADA closing in the red until Sunday night, we could see some serious following next week, with its price dropping 14%. Analysts state that the potential support level will be around $0.30 as it was three weeks ago.
Cardano’s scaling efforts look promising
Aside from the weak price movements, the Cardano team has been putting a lot of effort into scaling the network lately. Cardano’s roadmap talks about its fourth term on this route called BASHO. BASHO was an age of optimization that would improve the scalability and interoperability of the network.
In its latest weekly development report, Cardano highlighted the efforts of various teams to achieve BASHO’s goal. According to the report, the Hydra team continued to work on a golden test suite for Hydra Plutus scripts while working on Hydra-node mainnet compatibility.
While the developers continued to work on different projects, the price action of ADA continued to support investors. cryptocoin.com A high-bar forecast we quoted came from Dan Gambardello, founder of Crypto Capital Venture. Gambardello said the ADA price could reach $15.