2024-3-3 18:30 |
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.
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 CardanoGambardello’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.
Current State Of CardanoGambardello 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.
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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