Crypto Analyst Predicts Parabolic Rally For Cardano – Here’s The Timeline
02 März 2024 - 4:30PM
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Several analysts have expressed optimism, suggesting that Cardano
(ADA) is poised for a bullish market surge in the near term. ADA
recently went on an impressive spike on the last day of February,
registering a 14% gain to push its price above $0.7 for the first
time since May 2022. Related Reading: BNB Barrels Past $400,
As Binance TVL Nears $5 Billion – Details Despite these gains,
there have been concerns from some investors of ADA potentially
falling behind in its performance relative to Bitcoin in the last
bull cycle. Popular crypto analyst Dan Gambardello addressed some
of these concerns in a recent video posted on X. He mentioned that
Cardano is currently within a typical trend and that a bull
indicator which is expected to welcome a parabolic price spike
would soon be triggered. Parabolic Rally For Cardano Gambardello’s
recent video analysis came mostly to address concerns about ADA’s
underperformance in this bull cycle. Particularly, parallels were
made to the last time Bitcoin reached $60,000 in March and ADA was
trading around $1.30 to $1.98. However, this hasn’t repeated itself
and traders are beginning to wonder if ADA will attract the same
bullish sentiment. Bitcoin has now broken past the $60,000 mark
again and ADA finds itself in the $0.66 to $0.7 region.
Gambardello emphasized Ethereum’s past action as a comparison,
noting that the cryptocurrency is one cycle ahead of Cardano. In
that context, when Bitcoin neared its former all-time high of
$17,000 in the last cycle in 2021, Ethereum was at $500. This
seemingly underperformed its previous performance without raising a
cause for concern from investors, as ETH was at $700 when BTC
reached an all-time high of $17,000 in 2017. He remarked that
since ADA is currently mirroring Ethereum’s last cycle, the current
price movement is normal. He also noted that most altcoins are
getting ready to power through. Ultimately, the analyst noted
that a bullish break of structure just occurred on ADA’s weekly
chart. The last time this happened in 2021, ADA went on a price
surge from $0.15 to $1.5. Bitcoin is now
trading at $61.777. Chart: TradingView.com Current State Of Cardano
Gambardello noted in his analysis that while the break of structure
indicator got triggered above $0.7, ADA saw a minor correction
shortly after. In light of this, he made the observation that a
significant disruption of structure might take place within the
next three days. Remarkably, ADA has in fact broken out of the $0.7
price level since the analyst posted his video online. At the time
of writing, ADA is trading at $0.74, up by 10% in the past 24
hours. Particularly, ADA reached above $0.76 in the past 24
hours. Related Reading: Dogwifhat What? Memecoin Barges Into
86th Spot With 320% Rally – What’s Going On? The Cardano blockchain
recently crossed over 10 million blocks. ADA is now on its way to
continue on massive gains along with the rest of the crypto
market. Featured image from Pexels, chart from TradingView
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