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07/04/2024

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Is Cardano the Next Big Winner? Analysts Predict Massive Surge as Bitcoin Wobbles

Amidst recent fluctuations, analysts have focused on Cardano (ADA) due to its potential for a significant rally. Similarly, Bitcoin (BTC), the market leader, has shown patterns that traders must understand as...

Is Cardano the Next Big Winner? Analysts Predict Massive Surge as Bitcoin Wobbles
Cardano (ADA) and Bitcoin (BTC)

Amidst recent fluctuations, analysts have focused on Cardano (ADA) due to its potential for a significant rally.

Similarly, Bitcoin (BTC), the market leader, has shown patterns that traders must understand as they navigate the current market conditions.

Is Cardano (ADA) On The Brink of a Parabolic Rise?

Cardano, often lauded for its technological foundation, has recently caught the attention of experts predicting an imminent rally. Dan Gamberdello, a prominent advocate for Cardano, has publicly stated his expectations for an “explosive” growth phase for ADA.

Analyzing the chart shared by Gamberdello, ADA’s price of $0.410 stabilizes above critical moving averages, which Gamberdello interprets as a bullish signal. Traders often use the 200-period and 50-period moving averages to gauge long-term and short-term market trends, respectively.

Chart from Dan Gamberdello on X
Chart from Dan Gamberdello on X

Both indicators suggest a bullish outlook for ADA in the short term. Additionally, a pattern analysis of ADA compared to BTC on the weekly timeframe from another analyst named Sssebi on X further supports this bullish view, drawing parallels with previous cycles that led to significant rallies.

His technical analysis reinforces Sssebi is optimistic outlook, which reveals that ADA’s Relative Strength Index (RSI) levels indicate it is currently oversold, historically a precursor to substantial price increases.

There couldn’t be a better moment to swap your $BTC to $ADA than right now. Here’s why 👇

When you check the daily ADA/BTC chart it seems like $ADA has gone up a lot vs BTC but there is so much room left and I think we have just reached the bottom and are about to start a big… https://t.co/vH1RX3QMUU pic.twitter.com/UnnY9Htgtu

— Sssebi🦁 (@Av_Sebastian) July 3, 2024

This technical indicator suggests that the current market sentiment around ADA might be more bearish than warranted, presenting a potential buying opportunity for strategic investors. The analyst noted: “There couldn’t be a better moment to swap your $BTC to $ADA than right now.”

Cardano (ADA) price chart on TradingView
ADA price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

What is up With Bitcoin?

Meanwhile, Bitcoin has recently experienced a notable decline, dipping below the critical $60,000 mark to about $57,257. This downward trend is seen concurrently in the broader crypto market, including ADA’s recent dip to $0.3789.

However, popular market analysts have highlighted significant technical movements, such as BTC/USD crossing its 200-day moving average for the first time in ten months, suggesting potential market reversal points. Such technical milestones are closely monitored as they can indicate significant market shifts.

$BTC 4H
First test of 200D MA since oct 2023 reclaim (pre – ETF)

so far since trend rejection & reversal around $63.8K spot selling has been the main driver of this trend

so in order for this HTF MA to actually act as a systematic trigger for the market we need to see market… pic.twitter.com/FuW3A48mnJ

— Skew Δ (@52kskew) July 4, 2024

Despite the bearish short-term trends, long-term analyses remain optimistic. For instance, trading platforms like DecenTrader point out potential zones of large liquidations that could stabilize or further depress market prices.

If Bitcoin’s price were to break down further, a significant cluster of long liquidations could activate around the $50,000 mark, presenting both a risk and an opportunity depending on market responses.

Feature image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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