As the Bitcoin Halving approaches, the cryptocurrency market is buzzing, but this time, the eyes of the cryptocurrency community are turning to the Cardano (ADA), which has the potential to explode higher soon.
After reaching a high of close to US$0,81 last month, Cardano (ADA) corrected its price drastically, showing significant drops in recent days and falling 24.6% in one month. Currently, the ADA cryptocurrency is trading near $0,57.
However, the cryptocurrency analyst, known as Trend Rider, on the X platform, shared a prediction that left ADA investors very hopeful, given a potential bull run for the cryptocurrency. According to the analyst, Cardano is showing signs of an imminent bull run. The analysis was based on the crosses made by the specialist between the Relative Strength Index (RSI) and Simple Moving Average (SMA).
“The undeniable $ADA bull run is here. This topic is a must-read for Cardano holders. With its second RSI crossover in history, it is reminiscent of when prices soared from $0,05 to $3USD. This rare event, marking a possible trend change as the RSI crosses its SMA, perfectly predicted changes in past cycles in their early stages. Dive into this topic to take a closer look at how history is repeating itself and what it means for the future of $ADA.”
???? $ ISLANDS's undeniable bull run is here.
This thread is a must read for #Cardano holders.
With its second RSI crossover in history, it's reminiscent of when prices soared from $0.05 to $3USD.
This rare event, marking a potential trend shift as the RSI crosses its SMA, has… pic.twitter.com/EfOxPTbtGz
— Trend Rider (@TrendRidersTR) April 11, 2024
“The RSI and its SMA crossovers are an extremely reliable source for identifying $ADA bull runs and bear markets in their early stages. According to this $ADA is in a clear bull market phase,” the analyst noted.
It is worth remembering that renowned cryptocurrency analyst, Ali Martinez, highlighted in his recent analysis that Cardano has potential to show a significant increase in its price soon.
As noted in the analysis, which was based on historical cryptocurrency patterns, as well as, in the current market scenario, Cardano could reach an increase of more than 300% in the coming weeks. According to the expert, the ADA token is currently in a consolidation phase between the US$0,55 and US$0,80 levels before starting a bullish run towards the US$1,70 price.
“Nothing has really changed for Cardano. $ADA is exactly where it should be, consolidating in the $0,55 to $0,80 range before a breakout to $1,70!” the analyst wrote.
At the time of publication, the cardano price it was quoted at US$0,5737, down 2.4% in the last 24 hours.
