Crypto Analyst Predicts Parabolic Rally For Cardano

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	16,317,937,370	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

16,317,937,370

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0006	0.13%	0.4641	0.4642	0.4643

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0006

0.13%

0.4641

0.4642

0.4643

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4687	0.4607	0.4632	0.4635	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4687

0.4607

0.4632

0.4635

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:31:51	1,700.00	0.4641	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:31:51

1,700.00

0.4641

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,060,158.29	6,598,162.92	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,060,158.29

6,598,162.92

Crypto Analyst Predicts Parabolic Rally For Cardano – Here’s The Timeline

02/03/2024 3:30pm

NEWSBTC

Several analysts have expressed optimism, suggesting that Cardano (ADA) is poised for a bullish market surge in the near term. ADA recently went on an impressive spike on the last day of February, registering a 14% gain to push its price above $0.7 for the first time since May 2022. Related Reading: BNB Barrels Past $400, As Binance TVL Nears $5 Billion – Details Despite these gains, there have been concerns from some investors of ADA potentially falling behind in its performance relative to Bitcoin in the last bull cycle. Popular crypto analyst Dan Gambardello addressed some of these concerns in a recent video posted on X. He mentioned that Cardano is currently within a typical trend and that a bull indicator which is expected to welcome a parabolic price spike would soon be triggered. Parabolic Rally For Cardano Gambardello’s recent video analysis came mostly to address concerns about ADA’s underperformance in this bull cycle. Particularly, parallels were made to the last time Bitcoin reached $60,000 in March and ADA was trading around $1.30 to $1.98. However, this hasn’t repeated itself and traders are beginning to wonder if ADA will attract the same bullish sentiment. Bitcoin has now broken past the $60,000 mark again and ADA finds itself in the $0.66 to $0.7 region. Gambardello emphasized Ethereum’s past action as a comparison, noting that the cryptocurrency is one cycle ahead of Cardano. In that context, when Bitcoin neared its former all-time high of $17,000 in the last cycle in 2021, Ethereum was at $500. This seemingly underperformed its previous performance without raising a cause for concern from investors, as ETH was at $700 when BTC reached an all-time high of $17,000 in 2017. He remarked that since ADA is currently mirroring Ethereum’s last cycle, the current price movement is normal. He also noted that most altcoins are getting ready to power through. Ultimately, the analyst noted that a bullish break of structure just occurred on ADA’s weekly chart. The last time this happened in 2021, ADA went on a price surge from $0.15 to $1.5. Bitcoin is now trading at $61.777. Chart: TradingView.com Current State Of Cardano Gambardello noted in his analysis that while the break of structure indicator got triggered above $0.7, ADA saw a minor correction shortly after. In light of this, he made the observation that a significant disruption of structure might take place within the next three days. Remarkably, ADA has in fact broken out of the $0.7 price level since the analyst posted his video online. At the time of writing, ADA is trading at $0.74, up by 10% in the past 24 hours. Particularly, ADA reached above $0.76 in the past 24 hours. Related Reading: Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On? The Cardano blockchain recently crossed over 10 million blocks. ADA is now on its way to continue on massive gains along with the rest of the crypto market. Featured image from Pexels, chart from TradingView

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ADAUSD Cardano