Alt season???? Make no doubt about it, Cardano (ADA) has bottomed for a grand bull market.

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Notable trader Peter Brandt has generated buzz within the cryptocurrency sphere with his recent forecast regarding Cardano (ADA). In a tweet, Brandt shared his optimistic perspective on the ninth largest digital currency by market cap: “Could an altcoin season be upon us??? Let me assure you, Cardano (ADA) appears to have hit its bottom for a significant bullish trend.

Brandt’s tweet suggests that ADA may have reached its lowest point, possibly marking the beginning of an extensive growth phase – or “grand bull market” – for this primary cryptocurrency. The reference to “alt season” indicates a potential widespread surge in value for various alternative digital currencies, often called altcoins.

It’s clear that the downward trend for Cardano ($ADAUSD) has reached its lowest point and we’re now gearing up for an extended period of growth. #NoRudeTrollsAllowed

— Peter Brandt (@PeterLBrandt) January 16, 2025

According to Brandt, the optimistic forecast for Cardano’s market surge stems from his thorough examination of the ADA price graphs using technical analysis methods commonly used by skilled traders to identify trend reversals.

The chart attached with the tweet showed that Brandt had marked a “base pattern indicating a double bottom” in the movement of Cardano’s price, which followed a falling trend line known as a “descending triangle.

Affirmation of a bullish double bottom structure might propel Cardano’s (ADA) price upwards in the upcoming period. A favorable trend across the wider cryptocurrency market could lend a powerful boost to ADA and other alternative coins.

What’s next for Cardano’s (ADA) price?

As I’m typing this, ADA has risen by 2.30% over the last 24 hours to reach a price of $1.08. Over the past week, its value has increased by 20.44%.

Cardano has begun a resurgence, surpassing its 50-day Simple Moving Average (SMA) at approximately $1.01. If this upward trend continues from January 14th, it could mark the third consecutive day of recovery. The flattening of both moving averages, along with the Relative Strength Index (RSI) hovering slightly above the midpoint, hints at a slight advantage for the buyers.

In simpler terms, if the buying force pushes the price of ADA above $1.18, it could potentially increase towards $1.33. On the flip side, if the price falls significantly from the 50-day Simple Moving Average, it might signal that ADA may revert to its previous trading range for a short while.

As I observe Cardano flirting with the $1 price point, my focus, as a researcher, is squarely on whether it will meet Brandt’s optimistic forecast. Should ADA venture into a full-blown bull market, it could potentially yield significant returns in the near future.

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2025-01-16 18:47