ADA’s Siren Song: A Double Bottom Promise

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The dusty trail of Cardano‘s price chart has been trodden by many a weary investor, but of late, a glimmer of hope has appeared on the horizon. A double bottom pattern, that most alluring of technical indicators, has formed, beckoning the brave and the bold to take a chance on this beleaguered cryptocurrency. And why not? The stars seem to be aligning in its favor, with bullish developments and on-chain strength providing a sturdy wind at its back. 🌟

As of this writing, Cardano’s price has risen to a respectable $0.74, a 25.5% increase over the past 7 days, and a 42% boost from its year-to-date low. Not too shabby, if you ask me. And with a market cap of $27 billion, it’s clear that this is no flash in the pan. 💸

But what’s behind this sudden surge? Well, my friends, it seems that Emurgo, one of Cardano’s founding teams, has announced the launch of the Cardano Card, a nifty little payment and finance tool that promises to turn ADA into a spendable, yield-generating asset. And let me tell you, this thing’s got more bells and whistles than a one-armed paper hanger. 🎉

Not only will it allow users to stake ADA and earn yields from DeFi and real-world assets, but it’ll also provide access to collateralized loans and direct a portion of the card’s profits into the Cardano treasury. Talk about a sweet deal! 🤑

And if that weren’t enough, on-chain metrics are also looking rosy for ADA. Total value locked in ADA across all protocols has jumped by a whopping 93% over the past 7 days, indicating a renewed interest from investors and a rising tide of capital inflows. 🌟

Meanwhile, data from CoinGlass shows a shift in sentiment, with Cardano’s weighted funding rate climbing to 0.012% after being negative earlier this month. It seems that traders are finally starting to bet on ADA’s price to go up, reflecting a stronger confidence in its short-term outlook. 📈

ADA Price Analysis: A Double Bottom Delight

Now, let’s take a gander at the 1-day/USDT price chart, shall we? ADA is closing in on a crucial resistance level, and if it manages to break above, we could be looking at a sustained rally in the short term. 🚀

As you can see, ADA has been forming a double-bottom pattern since March, with support at $0.50 and a neckline at $0.76. This, my friends, is a classic bullish reversal signal. 📊

And if that weren’t enough, the 20-day simple moving average appears poised to cross above the 50-day moving average, a formation known as a bullish golden cross in technical analysis. It’s like the stars are aligning in ADA’s favor! 🌠

So, what’s the projected target for ADA’s price? Well, if it manages to break above the neckline at $0.76, we could be looking at a target of $1.03, which also aligns with the 78.6% Fibonacci retracement level. That’s a 35% increase from the current price level, if you’re counting. 📊

And some analysts are even more bullish, projecting targets in the $3 to $5 range. Now, I know what you’re thinking: “Is this just a pipe dream?” But hey, stranger things have happened, right? 😜

You call this a pump?$ADA hasn’t even started.

$5 is coming, and this is just the calm before the blast.

What’s your personal price target for $ADA this bull run? 🤔

— Crispy (@CrispyOnChain) July 16, 2025

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2025-07-16 12:51