Many analysts have recently expressed optimism about the future of Cardano (ADA) in the crypto market, indicating that a bullish market surge may be on the horizon. ADA experienced a significant spike at the end of February, with a 14% gain that pushed its price above $0.7 for the first time since May 2022. Despite these gains, concerns have been raised about ADA potentially lagging behind Bitcoin’s performance in the last bull cycle.
Popular crypto analyst Dan Gambardello addressed some of these concerns in a recent video analysis. He suggested that Cardano is currently following a typical trend and that a bull indicator signaling a parabolic price spike is expected to be triggered soon. Gambardello compared ADA’s current performance to past cycles, particularly highlighting the differences between ADA and Bitcoin’s price movements. He also drew parallels to Ethereum’s previous cycles, noting that Cardano seems to be mirroring Ethereum’s trajectory from previous years.
One of the key points highlighted by Gambardello in his analysis is the recent bullish break of structure on ADA’s weekly chart. He pointed out that a similar break of structure in 2021 led to a significant price surge for ADA, from $0.15 to $1.5. While ADA saw a minor correction after breaking the $0.7 price level, Gambardello predicted that a more significant disruption of structure could occur in the coming days.
Since Gambardello’s analysis, ADA has indeed broken above the $0.7 level and is currently trading at $0.74, showing a 10% increase in the past 24 hours. The cryptocurrency even briefly reached above $0.76 within the same timeframe. With the Cardano blockchain surpassing 10 million blocks, ADA is set to continue its upward trajectory along with the rest of the crypto market.
While there have been concerns about Cardano’s performance relative to Bitcoin and Ethereum in the current bull cycle, analysts like Dan Gambardello remain optimistic about ADA’s future. The recent price movements and break of structure on ADA’s chart suggest that the cryptocurrency may be on the verge of a significant surge in the near future. However, as with any investment, it is important to conduct thorough research and consider the risks involved before making any decisions in the crypto market.
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