- Analysts from the Ben Armstrong YouTube channel predicted that ADA could reach $0.37 in the medium term.
- The S&P 500 index rising could increase the probability of ADA’s price rising, according to the analysts.
- ADA was able to break out of a bearish chart pattern and may now rise to $0.37 as a result.
Analysts from the cryptocurrency trading and analysis channel Ben Armstrong predicted that Cardano (ADA) could surge 44% in the medium term. In addition to this bullish prediction, the analysts also speculated that the altcoin’s price could reach $5 during the next bull cycle.
In the video, the analysts noted that the S&P 500 index had broken below a positive trend line on its charts. Since then, however, the index has recovered to trade back above the trend line at press time.
Daily chart for S&P 500 Futures (Source: TradingView)
Although the S&P 500 and the cryptocurrency market are not strongly correlated, the analysts mentioned that upticks in the traditional stock market increase the probability of prices in the cryptocurrency market rising. As a result, the S&P 500 recovering over the past few days could lead to ADA’s price entering into a stron…
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