The native token of the Cardano blockchain, ADA, has lost around 35% of its value so far this year and is now trading below the $0.4 mark at $0.38, but according to a cryptocurrency analyst the cryptocurrency could soon start surging to hit the $5 mark, which would represent a rise of over 1,200%.
According to cryptocurrency trader ‘TradingShot’ on TradingView, Cardano has just flashed the “strongest buy signal in 1 year,” with the formation of a bullish cross on the one-week Logarithmic Moving Average Convergence Divergence (1W LMACD).
This marks the first time this bullish pattern has appeared since October 2023, indicating a significant shift in momentum. Furthermore, the trader noted that ADA has been consolidating below its 50-week moving average since May, a potential precursor to a breakout.
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