Logo
Cardano Ecosystem

Timestabloid

today at 8:36 AM

·

0 views


Analyst Spots End of Cardano ‘Boring’ Phase, Urges ADA Holders to Pay Attention

After a period of relatively stagnant movement, Cardano (ADA) could be on the brink of a breakout, according to prominent analyst Dan Gambardello. Despite a slight 1.5% uptick today, bringing ADA’s price to $0.3561, the altcoin still trails behind Bitcoin, which has seen impressive growth, climbing over 9.5% in the past week to reach $73,500—a […]

Analyst Spots End of Cardano ‘Boring’ Phase, Urges ADA Holders to Pay Attention

After a period of relatively stagnant movement, Cardano (ADA) could be on the brink of a breakout, according to prominent analyst Dan Gambardello.

Despite a slight 1.5% uptick today, bringing ADA’s price to $0.3561, the altcoin still trails behind Bitcoin, which has seen impressive growth, climbing over 9.5% in the past week to reach $73,500—a seven-month high. For holders, the focus now shifts to whether Cardano can sustain upward momentum and capitalize on Bitcoin’s bullish trend.

In contrast to Bitcoin’s recent performance, Cardano remains 88% below its all-time high, while Bitcoin is only about 1.88% shy of surpassing its previous peak. Gambardello, a long-term analyst of Cardano cycles, reassures holders that ADA’s current consolidation phase is consistent with its historical movement, aligning closely with patterns observed in previous cycles.

He also acknowledged that while Bitcoin has climbed steadily, Cardano’s recent movements have been less dynamic, mirroring the “sideways” price action observed in previous market cycles.

Cardano’s Historical Patterns Indicate Possible Upcoming Rally

The analysis shared by Gambardello is similar to previous market cycles, pointing out that ADA’s price action has historically lagged behind Bitcoin’s during similar phases.

In the last cycle, Gambardello explains Cardano showed limited movement while Bitcoin experienced rapid gains, particularly in November. This historical parallel suggests that ADA could begin a meaningful upward move within the coming weeks.

During the last significant cycle in November 2020, Cardano surpassed its 20-week moving average, signaling the start of a promising period for the asset.

Though not immediately parabolic, this initial breakout indicated a sustained upward trend that kept ADA above the 20-week average for nearly a month.

With a comparable setup emerging and just 42 days left until Cardano’s “purple line” on the cycle chart, Gambardello indicates this could be a crucial time for the asset.

“Bitcoin is making progress while ADA remains steady,” Gambardello commented, pointing to Bitcoin’s strength as a possible harbinger for the token’s eventual breakout. He thereby encourages ADA investors to monitor the altcoin’s performance.

Key Technical Indicators Signaling a Shift for ADA

Gambardello highlighted several technical indicators on Cardano’s weekly chart that suggest a potential shift in sentiment.

He advises investors to observe the Relative Strength Index (RSI) for higher lows, coupled with a bullish signal from the MACD, where the signal line has recently crossed—an indicator often seen as a precursor to increased momentum.

According to Gambardello, these developments align with Cardano’s historical charting patterns, bolstering confidence that a reversal may be underway.

Another critical factor driving optimism among Cardano supporters is the recent narrative surrounding its integration with BitcoinOS, which has contributed to a more positive outlook for ADA’s long-term prospects.

Gambardello adds that while the general sentiment around ADA has been bearish due to its prolonged stagnation, these bullish technical indicators could signal a changing trend as November approaches.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Other Analysts See Bullish Signals for ADA in November

Supporting Gambardello’s perspective, analyst Ali Martinez also forecasts a potential upward trend for Cardano, predicting that ADA could replicate its last cycle’s November rally. Martinez notes that if Cardano’s price action follows a similar trajectory, ADA could witness a surge reaching 23 times its current price, echoing its performance during comparable phases.

However, Gambardello remains cautious, reiterating that market conditions can be unpredictable. “It’s worth preparing for the possibility of a similar setup now, even if nothing is guaranteed,” he said, urging ADA holders to stay vigilant as the bullish cycle unfolds. He stresses that his experience tracking these cycles since 2018 has shown consistent patterns, yet each cycle brings unique challenges and opportunities.

Cardano vs. Bitcoin: A Comparative Analysis for Investors

In evaluating Cardano’s position relative to Bitcoin, ADA holders are aware of the significant lag in the token’s price recovery compared to Bitcoin’s. Over the past month, ADA has struggled to align with Bitcoin’s 13% monthly increase, with the token down 6.23%. Nonetheless, with Bitcoin advancing toward its all-time high, some investors remain hopeful that Cardano could soon follow suit, especially if bullish indicators remain.

Despite the challenges, Gambardello remains optimistic about Cardano’s performance, particularly as its cycle phase approaches key technical thresholds. By watching the ADA chart’s RSI and MACD, investors can monitor the token’s movements for signals that may indicate the start of a more sustained upward trend.

This renewed focus on Cardano’s positioning could mark the end of what Gambardello describes as ADA’s “boring” phase, potentially ushering in renewed interest and growth.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Timestabloid

ORIGINAL SOURCE

https://timestabloid.com/analyst-spots-e...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Timestabloid

See more
Analyst Sets Cardano (ADA) Long-term Target at $1.80, Short-term at $0.39
Timestabloid
Analyst Sets Cardano (ADA) Long-term Target at $1.80, Short-term at $0.39

last Monday at 6:13 AM

·

17 views

Related News

See more
Cardano Summit 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)