Cardano (ADA) Bullish Narrative: Analyst Predicts New All-Time High
Crypto analyst Trend Rider has presented a bullish outlook for Cardano (ADA), suggesting that the cryptocurrency will not only reach its previous all-time high (ATH) but also surpass it. Despite ADAโs relatively lackluster performance in the current bull market, Trend Riderโs analysis indicates a potential upward trend for ADA.
Cardano Could Reach $12 ATH
In a recent post on X (formerly Twitter), Trend Rider proposed that ADA could surge to as high as $12 as the market sentiment shifts from bearish to bullish. The analystโs analysis focused on ADAโs 2-week chart, highlighting the realignment of key moving averages and the emergence of green candlesticks as indicators of a possible bullish framework.
- Trend Rider notes similarities between this current pattern and a previous one observed in the last bull market, suggesting that ADA may experience a similar upward trend.
- Although no specific timeframe is given for this potential surge, Trend Rider emphasizes that this analysis is long-term and advises ADA investors to remain patient.
Despite concerns among Cardano investors due to its recent price action compared to other cryptocurrencies, Trend Riderโs analysis provides reassurance that ADA still has significant growth potential. Additionally, Dan Gambardello, the founder of Crypto Capital Venture, has previously dispelled doubts about ADAโs performance in this bull cycle.
What Lies Ahead for ADA?
Gambardello recently analyzed ADAโs daily chart and observed that the cryptocurrency had already surpassed its 20-day and 50-day moving averages. He suggests that if ADA can close above the 50-day moving average, it could potentially rise to the $0.70 price range.
- Gambardello shares a bullish outlook for ADAโs future trajectory, comparing it to the previous cycleโs performance.
- He sets a short-term target range of $0.80 to $0.83 as the breakout area for ADA.
- If ADA manages to break out from this range, Gambardello predicts that it could reach the $1.40 to $1.50 price range next.
Currently, ADA is trading at around $0.63, showing an increase of over 8% in the last 24 hours according to CoinMarketCap data.
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