Top pro-Cardano analyst Dan Gambardello believes Cardano is about to enter a climatic bull run. Gambardello compared the approaching rally to Cardano’s last spike to its all-time high value and concluded that ADA could reach unforeseen highs if the bullish pattern is activated.
Crypto Analyst Believes Cardano Will Enter Bullish Phase Soon
ADA’s performance in the past week is impressive, gaining 17%, according to data from CoinGecko. Also, ADA benefits from the positive sentiment in the crypto market and Bitcoin’s resurgence in 2024.
Although ADA has rallied, it trades below $1, making some investors and crypto enthusiasts question its potential.
However, Dan Gambardello believes that Cardano is not lagging and displays a similar pattern to Ethereum in this cycle.
CARDANO Bull Indicator Almost ACTIVATED! (Truth Behind ADA Price!)
Intro 00:00
Cardano price concern 00:50
Is Cardano price lagging this cycle? 1:30
Ethereum offers helpful context 2:30
Cardano is within a normal move 8:00
Cardano bull indicator almost triggered! 9:25 pic.twitter.com/8tRlwEj8AO
— Dan Gambardello (@cryptorecruitr) March 1, 2024
The analyst stated that when BTC began the bull run in late 2020, its price was around $17,000, and ETH was just $500. However, Gambardello recalled that ETH doubled in value within eight weeks to trade above $1,300.
So, he is optimistic that ADA will likely display a similar trend to Ethereum, and there is no cause for alarm among investors.
Additionally, he noted that altcoins begin to prepare for a massive rally whenever Bitcoin approaches new all-time highs. So, he believes that ADA is on track for a positive rally.
Gambardello Identified ADA Bullish Chart Pattern
Furthermore, Gambardello identified a bullish pattern on ADA’s weekly chart to support his claims. He likened ADA’s current price action to its performance in late 2020, as it touched the $0.7 price level today. However, he claims the bullish structure faded as ADA retraced to the $0.6 price range.
Nevertheless, the analyst is still positive that ADA could significantly increase its price in the next three days. However, he outlined certain conditions for this, including a rally for the asset and a close above the 200-day moving average (MA).
Gambardello claims a break above the 200-day SMA will signal ADA’s rally to a new all-time high. Reacting to Gamberdello’s comments on X, crypto enthusiast Muhammad Azhar said he was excited to see the Cardano bullish indicator.
Exciting to see the Cardano bull indicator on the brink of activation! The nuanced analysis provided sheds light on the unique position of ADA in the current market cycle. Looking forward to how this unfolds!
— Muhmmad Azhar (@AzharTheGreat) March 1, 2024
Also, he noted that the analysis shed light on the unique position of ADA in the current market cycle. Azhar also said he looks forward to seeing how it all unfolds.
ADA’s daily chart confirms these bullish sentiments and a likely increase in the coming days.
What Next for ADA?
ADA is bullish, rallying after breaking above the $0.5 resistance level. It found support at $0.65 and is currently testing the $0.68 resistance level. Notably, ADA is trading above the 50-day and 200-day Simple Moving Averages (SMA), confirming a solid bullish trend ahead.
Also, the 50-day SMA is above the 200-day SMA, confirming that the buyers have rallied this week to sustain the uptrend. Furthermore, the Relative Strength Index (RSI) is in the overbought zone above 70, with a value of 73.19 and still rising.
These indicators confirm the crypto analyst Gamberdello’s bullish sentiments. Therefore, ADA will likely break above $0.68 to trade above $0.7 in the coming days.
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