Cardano (ADA) has gained prominence after rising close to the $0,81 zone, rising almost 30%. Trend Rider, a well-known cryptocurrency analyst, shared a highly bullish outlook for ADA, one of the most watched cryptos on the market. According to his analysis, Cardano will not only revisit its all-time high (ATH) but is destined to surpass it, reaching new heights.
At the time of publication, the cardano price (ADA) was quoted at US$0,63 with a drop of 1,7% in the last 24 hours.
Trend Rider took to X, the platform formerly known as Twitter, his expectations that ADA could experience a rise to a surprising price of $12. His analysis looks at the two-week chart of ADA, highlighting a favorable alignment of the main averages furniture. This signal, for the analyst, indicates a possible change from a downtrend to an uptrend, marked by candlesticks that turn green.
🔥 $ ISLANDS's Market Shift: From Bearish to Bullish Trends
Observing the 2-week chart, key moving averages are realigning, marking a transition towards a bullish framework as indicators switch from red to green.
This shift mirrors a previous pattern observed just before $ ISLANDS... pic.twitter.com/rGtdNh4cry
— Trend Rider (@TrendRidersTR) March 20, 2024
This possible transition to a bull market structure for ADA harks back to previously observed patterns that preceded the cryptocurrency's last major bull cycle. Although Trend Rider has not set a specific timeline for this turnaround, he emphasizes that his projection is long-term, advising ADA investors to be patient.
The Cardano community, recently restless due to price stagnation while other cryptocurrencies advance, finds this prognosis a reason for optimism. Dan Gambardello, founder of Crypto Capital Venture, also expressed confidence in ADA, rejecting the idea that the cryptocurrency will be left behind in this bull cycle.
According to Gambardello, ADA is exactly where it should be before a possible price explosion, reminiscent of its journey during the 2021 boom when it initially tanked but surprised with a strong upward move after Bitcoin established a new ATH.
This joint analysis from Trend Rider and Gambardello hints at a promising future for Cardano, suggesting that despite the current sluggishness, the cryptocurrency has significant upside potential.
