Crypto analyst Trend Rider has provided a bullish narrative for Cardano (ADA) despite its relatively unimpressive performance in this bull market. Based on his analysis, ADA will again rise to its all-time high (ATH) and even surpass it.
Cardano Could Hit A New ATH Of $12
Trend Rider suggested in an X (formerly Twitter) post that ADA could rise to as high as $12 as ADA’s market shifts from a bearish to a bullish sentiment. His analysis focused on ADA’s 2-week chart, which showed that key moving averages are realigning, the analyst claimed. Trend Rider added that this could mark a transition towards a bullish framework as the candlesticks turn green.
He further noted that this move on the charts shares similarities with a previous pattern that played out just before ADA made its run in the last bull market. Meanwhile, although Trend Rider didn’t give a timeframe for this imminent move, he noted that this was a long-term analysis and warned that ADA investors must be patient while this plays out.
ADA’s recent price action has caused Cardano investors to worry, especially with other crypto tokens recording significant gains. However, Trend Rider’s analysis no doubt provides reassurance that ADA will still have its moment. Dan Gambardello, the founder of Crypto Capital Venture, had also previously dispelled the notion that ADA won’t perform well in this bull cycle.
Gambardello mentioned that ADA was where it was meant to be before it took off. Like Trend Rider, he also alluded to the 2021 bull run, noting that ADA was lagging at the initial stages of that cycle and didn’t make a significant move to the upside until about two months after Bitcoin broke its previous ATH.
What Next For ADA?
Gambardello recently analyzed ADA’s daily chart and noted that the crypto token had already broken its 20-day and 50-day moving averages. The analyst claimed that a close above the 50-day moving average could see Cardano rise to the $0.70 price range.
Gambaradello also sounded bullish on ADA’s future trajectory. He stated that the charts showed that ADA was well primed to make a similar one like the one it did in the last cycle. His bullish target for ADA in the short term is the $0.80 to $0.83 price range, as he claimed that is the breakout area.
If a breakout were to occur from that price range, then he foresees ADA rising to the $1.40 to $1.50 price range next. At the time of writing, ADA is trading at around $0.63, up over 8% in the last 24 hours according to data from CoinMarketCap.
from Bitcoinist.com https://ift.tt/PCAux65
https://ift.tt/cD5pYFo March 22, 2024 at 03:00AM