Cardano's Bullish Momentum Signals Potential Long-Term Growth

February 21, 2024 at 03:00 AM GST updated: February 21, 2024 at 02:57 AM 2 mins read News

• ADA experiences a notable surge amid Bitcoin stagnation, with gains of 20% in thirty days.
• An analyst highlights ADA’s potential long-term bull run, citing key indicators like Impulse colors and Wave Oscillator.
• ADA aims to consolidate above the $0.600 mark, facing resistance levels before potentially reaching $1.

Cardano (ADA) has surged significantly, capitalizing on Bitcoin’s relative stability above the $52,000 threshold. Over the past month, ADA has seen a remarkable 20% increase in value, a trend that has sparked renewed optimism among investors. 

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This surge comes amidst observations from crypto analysts, who are pointing towards indicators suggesting a potential long-term bullish trajectory for ADA. One analyst, known as “Trend Rider,” has drawn attention to several key indicators indicating ADA’s potential for sustained growth. 

🚨 $ADA is gaining the momentum needed for a new bull run.

The last time we witnessed such a shift in momentum was at $0.03.

This indicator, Impulse colors, tracks the price distance from key moving averages.

Throughout the bear market, we predominantly saw fuchsia… pic.twitter.com/AbMqj0s0wT

— Trend Rider (@TrendRidersTR) February 20, 2024

These indicators include Impulse colors, a tool tracking price movements relative to key moving averages, and the Wave Oscillator, which has recently entered into positive territory after nearly two years. The analyst highlights the significance of ADA consolidating its position above the critical $0.600 mark, which could serve as a catalyst for a prolonged uptrend.

Chart analysis reveals that ADA reached a 21-month high of $0.679 in late December, marking the onset of a period of increased volatility. Despite a subsequent correction that saw ADA dip to $0.449 in January, the token has since regained bullish momentum. 

However, challenges lie ahead as ADA encounters resistance levels on its path upward. Successful consolidation above $0.600 is deemed crucial, with resistance expected around $0.637 before potentially surging past $0.670 towards the $0.700 milestone. Furthermore, ADA’s recent price action showcases a pattern of establishing higher lows and higher highs, indicative of a healthy and sustained uptrend. 

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