Cardano (ADA) Analyst Warns Of Imminent Bullish Wave - 3 Days To Go

Cardano (ADA), the ninth-ranked cryptocurrency, saw a significant price breakout on Thursday, rising above $0.710—a level not seen since May 2022. Reaching this milestone marks an important turning point for ADA as it comes out of a long phase of consolidation that lasted from late 2023 to early 2024. With this increase, ADA is now aiming for the $1 mark, which was last reached in April 2022. One of the most prominent proponents of Cardano in the cryptocurrency space has stated that, similar to past cycles, Cardano is about to experience its expected bullish momentum, which might drive ADA to previously unheard-of heights.

Cardano expert Dan Gambardello addressed these concerns by drawing parallels between Ethereum (ETH) market patterns and highlighting a comparable situation. He noted that ETH was only around $500 when Bitcoin started to rise toward the bull market in late 2020, hitting about $17,000. Gambardello pointed out that the price of ETH more than doubled to $1,300 in just eight weeks.

CARDANO Bull Indicator Almost ACTIVATED! (Truth Behind ADA Price!)

Intro 00:00
Cardano price concern 00:50
Is Cardano price lagging this cycle? 1:30
Ethereum offers helpful context 2:30
Cardano is within a normal move 8:00
Cardano bull indicator almost triggered! 9:25 pic.twitter.com/8tRlwEj8AO

— Dan Gambardello (@cryptorecruitr) March 1, 2024

He emphasized that there is no cause for anxiety about ADA’s current status, just as there were no major worries about ETH lagging behind BTC in the last cycle. Furthermore, Gambardello stressed that historically, altcoins typically get ready for big rallies around the time when Bitcoin begins its ascent to new record highs. In the end, he came to the conclusion that the current ADA movement is normal and does not require worry.

Specifically, Gambardello drew attention to the fact that, during the course of the last day, ADA’s bullish pattern from late 2020 momentarily reappeared as the cryptocurrency climbed above $0.7. He did note, though, that this bullish trend rapidly faded when the price of ADA fell back into the $0.6 region. As a result, the expert projected that Cardano may see notable activity over the course of the following three days. This would require the cryptocurrency to move higher and close above the 200-day moving average, based on his analysis. According to Gambardello, this kind of thing might be the final indication that the much awaited Cardano rally is going to reach a new peak.

Cardano Breaks Out, Targets $1 Price Amidst Run

Fueled by altcoins’ explosive growth, the cryptocurrency market topped $2.30 trillion as Bitcoin rocketed to a peak of $64,000. The price of ADA, one of the top cryptocurrencies, has been building momentum for an upcoming breakout rise. After escaping a declining channel and making a successful retesting attempt at $0.57, this altcoin is rapidly increasing to a new 52-week high.

An 18% increase in price for ADA is indicated by a sequence of upward-moving green candles that follow a bullish launch from the $0.57 retest. In addition, the rebound rally is attempting to set a new 52-week high by testing the previous peak formation at $0.682. The market is dominated by bullish emotion, and as a result, the cryptocurrency landscape is reaching new heights and pointing to a strong altcoin revival.

In this bullish climate, a breakout rally beyond $0.70 could propel ADA’s price to unprecedented levels, potentially reclaiming the $1 milestone. However, as of the latest update, ADA is trading at $0.67, encountering bearish pressure in the preceding hours.