Cardano (ADA) has been grappling with downward pressure, experiencing an 11.75% drop in the past week and a further 7% decline in the last 24 hours. However, despite these setbacks, analysts are still optimistic about a potential surge to $8. Nevertheless, recent price movements indicate that ADA has been struggling to withstand selling pressure, with prices falling below crucial support levels.
According to analysis, Cardano’s price is expected to rally significantly following the upcoming Chang upgrade. Analysts draw parallels to the 2021 Alonzo hard fork, which saw ADA’s price skyrocket from $0.2 to $3.1 within a year. They believe ADA could experience a 370% rise to $2 by August and even touch $10 during this bullish cycle. Another prediction platform, Telegaon, also anticipates ADA reaching $9.08 by 2030. While these ambitious projections boost investor confidence, the market remains unpredictable.
On the other hand, Celestia (TIA) has been experiencing a steady decline, forming a descending channel since the beginning of June. Currently trading at $6.45, Celestia has reached a level last seen in December 2023. The Relative Strength Index (RSI) for Celestia is 25.8, indicating significant sell-offs among market participants. If this trend continues, TIA might fall to $6.02. However, there is a possibility of a rebound if market conditions change.
Celestia’s price has plummeted after reaching a 30-day high of $10.76 on May 29 due to sustained selling pressure. The RSI and other indicators suggest a bearish market, with TIA’s futures open interest dropping by 41% since June started. If the downtrend persists, TIA could decline to $6.02. Nevertheless, there is potential for a recovery if the bearish bias is invalidated.
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