Several analysts have expressed optimism and suggested that Cardano (ADA) is poised for a bullish rally in the market in the short term.
ADA has recently impressive spikes It rose 14% at the end of February, pushing the price above $0.7 for the first time since May 2022.
Despite these gains, there were concerns from some investors in ADA that it could suffer a setback in its performance compared to Bitcoin during the previous bull cycle. Popular crypto analyst Dan Gambardello addresses some of these concerns: recent videos He said that Cardano is currently in a typical trend and bullish indicators that are expected to welcome a parabolic price spike will soon be triggered.
Cardano Parabolic Rally
Mr. Gambardello's recent video analysis was conducted primarily to address concerns regarding the ADA. lack of performance In this bull cycle. Notably, it's similar to the last time Bitcoin hit $60,000 in March and ADA was trading around $1.30 to $1.98.
However, this has not been repeated and traders are starting to wonder if ADA will attract the same bullish sentiment.For Bitcoin The past is now broken Once again reaching the $60,000 level, ADA is in the $0.66 to $0.7 range.
Gambardello emphasized Ethereum’s past behavior As a comparison, note that the cryptocurrency is one cycle ahead of Cardano. In that context, when Bitcoin approached its all-time high of $17,000 in the last cycle of 2021, Ethereum was at $500. When BTC reached an all-time high of $17,000 in 2017, ETH was $700, so this appears to be below previous performance without causing any cause for concern from investors.
He said that the current price movements are normal as ADA currently reflects Ethereum's last cycle. He also noted that most altcoins are preparing to power through.
Finally, analysts pointed out that a bullish break in structure had just occurred on the weekly chart of ADA. The last time this happened in 2021, ADA skyrocketed in price from $0.15 to $1.5.
Bitcoin is now trading at $61.777. Chart: TradingView.com
Current status of Cardano
Gambardello noted in his analysis that while the structure-of-structure indicator was triggered above $0.7, ADA saw a slight correction shortly thereafter. Based on this, he observed that a significant collapse of the structure could occur within the next three days.
Remarkably, ADA has actually broken through the $0.7 price level since the analyst posted the video online. As of this writing, ADA is trading at $0.74, up 10% in the past 24 hours. Notably, ADA has climbed above $0.76 in the past 24 hours.
Recent Cardano Blockchain crossover 10 million blocks. ADA is now on its way to its next destination. continue to make significant profits So is the rest of the cryptocurrency market.
Featured images from Pexels, charts from TradingView
