ADA Price Prediction: Cardano Meme Coins Soar- Analysis Shows $1.2 Is Not Very Far

ADA price has formed a bullish setup, pointing to an eventual 40% surge to its highest point in May. Cardano jumped as the crypto market recovered, and as Snek, a top meme coin in its ecosystem, bounced back. 

It rose to a high of $0.6320, its highest level since June 16, and 25% above its lowest level this month. CoinMarketCap data showed that this rally occurred in a high-volume environment, with the daily figure increasing by 87% to $1.1 billion.

ADA Price Chart Points to a 40% Surge

The daily timeframe shows that ADA price has strong technicals that may trigger more gains in the coming days. The most significant technical figure is that it formed a double bottom pattern at $0.5086, its lowest level in April and June this year. 

This pattern typically indicates that the selling pressure below the double-bottom level has ceased. It is also characterized by a neckline, which, in this case, stans at $0.8630, its highest level in May, which is ~40% above the current level. 

Cardano price has also formed other bullish signs that may lead to more gains this month. For example, the Relative Strength Index (RSI) has jumped from last month’s low of 29 to the current 56, the highest level since May 23rd. It has crossed the neutral point at 50, a sign that it is gaining momentum.

The two lines of the MACD indicator have formed a bullish crossover, and are nearing crossing the zero line for the first time since May. Therefore, the most likely long term Cardano price forecast is bullish, with the short term target being the double-bottom’s neckline at $0.8630.

A cross above that target will point to more upside, potentially to the double-bottom’s target of $1.2, which is about 93% above the current level. A drop below the double-bottom level at $0.50 will cancel the bullish view.

Top Cardano Meme Coin is Soaring

In addition to the broader crypto market rally, Cardano price may benefit from the ongoing  Snek rally. Snek is the biggest coin in Cardano’s ecosystem with a market capitalization of over $163 million. It jumped by 11% today, July 10.

The ongoing Snek rally could prompt investors to consider other Cardano tokens, such as World Mobile Token, Liqwid Finance, and Iagon. This would help eliminate the common perception that Cardano is a ghost chain.

Snek’s rally also helped to boost the volume in Cardano’s DEX protocol. DeFi Llama data shows that the network handled over $3.1 million in the last 24 hours, the highest level since July 3. 

Cardano has other bullish catalysts. For example, the futures open interest jumped to $983 million, the highest level since March. It is about to cross the $1 billion milestone. 

Further, the developers are about to launch the Glacier airdrop that will see ADA holders receive NIGHT tokens they can convert into cash.

ADA price has recovered modestly in the past few days, and its strong metrics point to more gains this year. The initial target is a 40% surge to the double-bottom’s neckline at $0.8630, while a move above that level will signal more gains to $1.2153.