Cardano Poised for Meteoric Rise: Analyst Predicts Impending All-Time High

March 3, 2024 at 02:37 AM GST updated: March 3, 2024 at 12:57 AM 2 mins read News

• ADA’s recent surge signals potential for an all-time high.
• Cardano’s explosive growth in the last 24 hours reflects a 14.59% gain, with significant trading volume.
• Analyst Gambardello identifies key bullish trends resembling those preceding Cardano’s historic rally in December 2020.

In a recent analysis of the Cardano (ADA) market, leading analyst Dan Gambardello has suggested that ADA is on the brink of a significant surge. Gambardello drew attention to a pattern in the Cardano chart that mirrors its pre-bull run behavior in 2020, indicating a potential rocket launch into unprecedented highs.

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Over the past 24 hours, ADA has experienced explosive growth, with its price soaring from a low of $0.6641 to as high as $0.761. This surge represents a substantial 14.59% increase, accompanied by a staggering trading volume of over $1.3 billion. Furthermore, Cardano’s one-week performance has seen a remarkable 25% rise from its previous levels.

Amidst this impressive performance, Gambardello has pointed out striking similarities between ADA’s current trajectory and its behavior in December 2020. In his analysis, he highlighted a bullish structure observed during that time, which has now reappeared following a recent surge in ADA’s price.

Gambardello outlined specific conditions for this structure to reappear, one of which involved ADA demonstrating an upward movement. With the asset maintaining a price above the $0.74 mark, Gambardello expressed optimism that the bullish trend is more enduring this time.

Looking ahead, Gambardello believes that if Cardano and the broader market continue on their current bullish trajectory, ADA could potentially hit a short-term target of around $1.5. This forecast underscores the growing confidence among analysts in Cardano’s potential for further growth and success in the cryptocurrency market.

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