Cardano (ADA) Surges: Re-Entering The Bullish Channel After 2+ Years

The crypto world is excited as Cardano (ADA) has finally shown signs of life after an eternity stuck in the doldrums. The smart contract platform’s native token ADA has triumphantly re-entered a bullish channel, ending a drought of over two years, according to the well-known analyst Trend Rider.

🔥After 2+ years $ADA is back inside a bullish channel.

Undeniable.

❌Entered red channel at 1.75USD (2021)
✅Entered green channel at 0.40USD (2023)

Patience pays off.

See thread for a comparison vs past bull run. 🧵👇 pic.twitter.com/LjJ9nr91wu

— Trend Rider (@TrendRidersTR) March 25, 2024

As per Trend Rider’s charts, ADA crashed into the red channel way back at $1.75 in 2021 at the heights of the bull market mania. It was a sickening freefall for ADA holders as the once-promising altcoin descended into darkness, hitting rock bottom at $0.40 in early 2023 before finally bouncing off that deep value area into the green bullish channel.

“Undeniable,” Trend Rider declares with bullish bravado. “Patience pays off.” For the diamond-handed ADA faithful who managed to hold on through the crypto winter, this long-awaited turnaround is a dismissal.

Trend Rider recalls the last time ADA flashed similar signals was in the aftermath of the COVID-19 pandemic world events, which kickstarted the brilliantly explosive 2021 bull cycle for Cardano. Will history repeat itself? There’s no guarantee in these volatile crypto markets, but the recent price momentum confirms the “undeniable” trend change at the very least.

The analyst’s trading edge comes from his proprietary indicators developed under the RiderAlgo brand. “It’s been a game-changer,” he says adamantly. Solid trading relies on back-tested strategies and indicators that suit your personal risk appetite. Trend Rider is putting his faith in RiderAlgo.

The Road Ahead For Cardano

As of now, the data shows ADA is trading at $0.666, having rallied over 3% in the last day alone. Its $593 million daily trade volume signals revived interest and participation from traders. Ranked #9 with a $23 billion market cap, the upside potential could be massive if ADA regains its form from past cycles.

Changelly data reveals ADA is up 12.63% for the month, adding a beefy $0.08 to its price. Over 53% of days were green over the last 30 days. While the Fear & Greed index is flashing “Greed” at 74, that’s often a signal to start paying closer attention to bull market conditions brewing.

The analyst Ssebi is already mapping out Cardano’s path forward, setting $0.67 as the key resistance test. If cleared, he has his sights set on the psychological $1.00 area for a potential revisit in this nascent uptrend.

The Cardano faithful have been through the mort in this bear market. But finally, the tides appear to be shifting in their favor as ADA stakes its claim as the leading altcoin contender. All eyes are on to see if this bullish resurrection can be sustained in the volatile crypto markets.

Related Reading | Bitcoin Mining Evolution Sparks New Era Of Sustainability And Efficiency