The social analytics platform LunarCrush took to Twitter on Friday to ask its followers for bold predictions. Crypto analyst Ali used the opportunity to voice his bold prediction on ADA hitting the $0.60 mark.
As reported, Ali stated that Cardano is poised to confirm a head and shoulders pattern, potentially igniting a 44% breakout that could propel ADA to $0.60.
The head and shoulders chart pattern is a price reversal pattern that helps traders spot when a trend has run its course and a reversal may be in progress.
The inverse head and shoulders pattern spotted on the Cardano chart might indicate a reversal of a downtrend.
At the time of writing, ADA was up 6.28% in the last 24 hours at $0.437. The coin is up 15.54% for the past seven days.
ADA on steady rise
Cardano's ADA has been on a steady rise since hitting lows of $0.2977 on March 10. ADA crossed above the key barriers represented by its daily moving averages at $0.352 and $0.36.
Taken from April 7, ADA is set to mark its eighth consecutive day in green, reaching intraday highs of $0.444 at the time of writing.
If the current rally is sustained, ADA might target the $0.524 level last reached in September 2022 next. Before it reaches the $0.60 target, Cardano bulls might have to contend with an intermediate barrier near the $0.57 to $0.58 range.
On the other hand, the daily RSI is approaching overbought 70 conditions, so ADA bulls might consolidate or pause slightly to catch their breath before charging to the upside. In the case of a decline, major support is envisaged at $0.362.
Meanwhile, development continues in the Cardano ecosystem. Aiken, an open-source smart contract language and toolchain specifically created to simplify and enhance the development of smart contracts on Cardano, has launched in the Alpha phase.