2024-2-21 21:30 |
ADA, the native token of the Cardano ecosystem, has experienced a notable surge in price, taking advantage of Bitcoin’s (BTC) stagnation above the $52,000 level. With gains of 20% and 14% over the past thirty and fourteen days, respectively, ADA has reignited bullish sentiment among investors.
The token’s recent performance has not gone unnoticed, as crypto analyst “Trend Rider” makes a bold price prediction, highlighting key indicators that suggest a potential long-term bull run for ADA.
ADA’s Potential Bull Run AheadIn a social media post on X (formerly Twitter), Trend Rider emphasized that ADA is striving to consolidate above the crucial $0.600 mark, which holds significant prospects for the token’s future.
The analyst drew attention to an indicator called Impulse colors, which tracks the price distance from key moving averages. During the bear market, opposing trends were predominantly indicated by fuchsia and pink hues as seen in the chart below.
However, recent weeks have witnessed a return to dark blue, the most bullish color on this scale. Notably, this shift in momentum last occurred in 2020 when ADA’s price surged from $0.03 to $1.4 before the re-emergence of pink hues.
Furthermore, Trend Rider highlighted another positive development— the Wave Oscillator has re-entered the positive zone after 20 months. According to the analyst, this shift indicates growing bullish momentum for ADA.
The pivotal level identified in this context is the $0.60 mark. To solidify this shift, ADA’s price must hold and close above $0.60, which may catalyze a bullish long-term breakout.
It is worth noting that this analysis is based on the 1-month timeframe, which significantly influences long-term market movements.
These indicators suggest that ADA may be poised for a sustained uptrend, potentially paving the way for a long-term bull run.
Cardano Sustained Bullish TrendAccording to the one-day ADA/USD chart below, Cardano’s token reached a 21-month high of $0.679 on December 28, which marked the beginning of a period of volatility in ADA’s price. Following a price correction, ADA dropped to $0.449 on January 23.
However, in line with the overall market trend, ADA has regained bullish momentum. Nonetheless, this upward movement may face resistance from bears as it encounters various obstacles.
If the current uptrend continues in the coming weeks, ADA must overcome significant resistance levels that have hindered its growth above the $0.679 mark.
Successful consolidation above the critical $0.600 level will be crucial. ADA will face the $0.637 obstacle soon before potentially surging above $0.670, the last hurdle before reaching $0.700. Reaching this milestone would position Cardano’s native token favorably to target the $1 mark, benefiting from the overall market growth expected in the coming months of 2024.
Adding to the bullish prospects for Cardano, ADA has been establishing higher lows and higher highs during its price surge, indicating a healthy price action and a sustained bullish trend. However, it remains to be seen whether this trend can be sustained or if bears will dictate ADA’s future price direction.
Featured image from Shutterstock, chart from TradingView.com
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