Cardano Price Spikes By 100% After TestNet Release

Cardano price spikes by more than 150 percent and is now trading at $0.0903 at the time of writing. In the coming altcoin news, we take a closer look for the reasons for the price increase.

Cardano is known as the Ethereum Killer since it made big gains this year but this seems to only be a warm-up. A Twitter user under the name of Beastlorion believes that Cardano is preparing up for major pump in the upcoming weeks. The climb comes after the extremely anticipated release of the crypto token’s testnet. The analyst believes that the ADA token will make up to $117.72% price jump over the next week. Based on the charts, the analyst believes that Cardano will start a massive rally to $0.197. These gains represent an increase of about 117% in under 27 days. Before this development occurs, the cryptocurrency must first break the resistance level of $0.096353.

If you take a look at the chart for the ADA token there are plenty of reasons to look into the Beastlorion’s predictions closely. The Cardano price looks bullish in both long-term and shorter time frame. By looking closely on the cryptocurrency and its performance, it reveals a massive inverse head-and-shoulders pattern. The visible pattern in both the daily and the weekly charts shows a construction for the long term price. Cardano will likely double in value soon when it breaks after a long accumulation period and generates a huge bullish momentum. Also, as noted in the latest cryptocurrency news, Cardano could double or triple in volume in a short period of time or better known as a parabolic run. Bitcoin is currently in the middle of one.

Based on Beastlorion’s tweet, the Cardano price will launch its own parabolic run ones it reaches the neckline of the inverse head-and-shoulders. Cardano’s chart shows the possibility of an extensive base building period and has virtually no resistance above $0.0963. ADA will ignite a massive rally after breaks out and could double in value in less than 30 days. The smart way to dive into this trade is to wait for Cardano to clear the resistance level of $0.963 and to retest the support level. When this happens, the ADA token will likely beat the other assets and will increase twice as much.