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Cardano (ADA) May Be Forming a Macro Top Despite Surging 400% Since March

bitcoinist

1mon ago

Cole Petersen | Jul 07, 2020 | 20:00

Cardano (ADA) has been one of the strongest top digital assets over the past several days and weeks, finding itself caught within an intense uptrend that has allowed it to climb by over 400% from its mid-March lows.

This strength has largely come about due to the hype surrounding the recent launch of the Shelley mainnet upgrade.

This upgrade is anticipated to help further decentralize the network while also helping to increase the blockchain’s scalability.

Investors do believe that its launch is fundamentally significant, as it has been the primary factor behind ADA’s intense multi-month upswing.

That being said, some analysts are noting that the crypto could be starting to form a macro top formation.

At the time of writing, Cardano is trading up just under 4% at its current price of $0.108, marking a notable rise from weekly lows of $0.08.

The token has been steadily climbing higher over the past few months, shattering multiple key resistance levels along the way.

One analyst is now forecasting further near-term upside, as he believes that it could continue surging until it reaches its next resistance that lies just a hair above its current BTC price of 1,180 sats.

That being said, the analyst also notes that he is expecting a dip that sends it to 900 sats.

“Cardano: Onwards we go. Broke through resistance block like it’s nothing. The next zone is the 1200-1215 sats area, after that 1330-1375 sats. Dips? I’m still looking at 900 sats possibility,” he explained.

Despite being positioned to see slightly further near-term upside, it is still a strong possibility that Cardano is forming a macro top.

One analyst mused this possibility in a recent tweet, explaining that its chart is signaling that its “nice bull run is coming to a close.”

“I know ADA has some news coming up this month, but this chart is highly suggesting that the top of the nice bull run is coming to a close,” he said while pointing to the below chart.

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