As an analyst with over a decade of experience in the crypto market, I have seen cycles like these countless times. The current surge in Cardano (ADA) is reminiscent of previous bull runs and bear markets, making it easy to follow Dan Gambardello’s “Cardano Cycle” pattern. However, while we are at step 3, the “told you, you should have listened” phase, I am always cautious about jumping to conclusions too quickly.
Over the last 24 hours, Cardano (ADA), the 11th largest cryptocurrency by market cap has seen a notable 8% increase in its price as the general crypto market rebounded.
Currently, ADA has increased by 7.11% over the past 24 hours and is trading at $0.36. Over a seven-day period, its growth stands at 11.23%.
The increase in price correlates with the wider market’s revival and progress within the Cardano system, which includes continuous updates and collaborations that strengthen its functionality and popularity.
During early Thursday trading, the cryptocurrency market experienced an upward trend due to a surge in U.S. tech stocks and positive movements in the Asian stock market. Stronger-than-anticipated U.S. inflation figures for August have fueled predictions of a potential Federal Reserve interest rate cut in the near future, with core inflation increasing at over 0.3%.
Recently, the latest rise in cryptocurrencies has sparked interest within the crypto community. Notably, well-known Cardano advocate Dan Gambardello has broken down the ADA cycle into five distinct stages. These can be summarized as follows: “Cardano dips, but it was fun while it lasted”; “technology advancements are negligible, just a bull trap”; “I warned you, you should have heeded my advice”; “here we go again, another instance of a bull trap”; and ultimately, “previous all-time highs have been surpassed.
“Cardano’s decline, but the fun was temporary.
— Dan Gambardello (@cryptorecruitr) September 11, 2024
As per Gambardello, Cardano (ADA) is now in step 3, often referred to as the “I told you so, you should have listened” stage. This indicates a period where market analysts are reiterating their cautions and doubts due to ADA’s subdued price movement.
ADA price action
As a researcher, I’ve noticed an upturn in the performance of Cardano since it hit a low of $0.303 on September 6th. Remarkably, over the subsequent six days, Cardano has managed to close five of them with positive gains.
As a researcher, I’ve observed an intriguing development with Cardano (ADA). The recent rally has propelled it above the Daily Simple Moving Average (SMA) 50 at $0.354, a level that has been acting as a resistance since mid-April. In July and August, ADA made valiant attempts to breach this barrier, but each time, the bullish momentum seemed to hit a wall.
Looking forward, traders in the cryptocurrency market will closely monitor if ADA can maintain a surge beyond its significant hurdle, specifically the Daily Simple Moving Average (SMA) 50. This movement could provide insights into ADA’s potential price trend that follows.
If this occurs, it’s possible that ADA could aim for the $0.456 mark next, before reaching the daily Simple Moving Average 200 at $0.468. Should there be a persistent break above these points, it could initiate the continuation of the upward trend for ADA prices. Conversely, if ADA experiences a drop, it appears to have solid support at the $0.27 and $0.30 levels.
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2024-09-12 15:39