Cardano (ADA) Price Set for Parabolic Move, Says Analyst
A crypto analyst has identified a potential indicator that suggests Cardano’s (ADA) price is about to experience a parabolic move. This comes after ADA emerged as the top gainer among altcoins in the last 24 hours.
Bullish Momentum for ADA
Crypto analyst Tyler Strejilevich noted on his X platform that ADA is on the verge of a bullish weekly cross, a phenomenon that hasn’t occurred since June 2020. The last time this happened, ADA reportedly surged by 6,000% over the course of a year.
This indicator indicates strong bullish momentum for ADA, and Strejilevich expressed optimism about the potential new heights the token could reach. He even described a potential bullish weekly cross as “Big,” emphasizing its significance.
Hopes for ADA’s Momentum
ADA holders are hopeful that this indicator comes to fruition as they seek to gain momentum leading up to the anticipated bull run. Some skeptics have doubted ADA’s performance in the upcoming market surge, including crypto analyst Lady of Crypto who outlined five reasons for her stance.
One of Lady of Crypto’s concerns was Cardano’s underperformance in terms of total value locked (TVL) on the network. However, Cardano has since risen to 9th place based on this metric, suggesting increased liquidity within its ecosystem and greater confidence in its decentralized finance (DeFi) landscape.
ADA’s Resistance Levels and Consolidation
During its recent rally, ADA reached $0.6 but faced resistance at that level before experiencing a cooldown. However, analysts predict that it won’t be long before it breaks above this resistance level. If it does, the next resistance levels to watch are $0.66 and $0.75.
Analyst Sebastian believes that a period of consolidation would be beneficial for ADA before another surge. Given ADA’s recent rally, this consolidation is expected.
Current ADA Trading
As of now, ADA is trading at around $0.59, with a 24% increase in the last 24 hours, according to data from CoinMarketCap.
Hot Take: Cardano’s Potential for Growth
The potential bullish weekly cross indicator has sparked optimism about Cardano’s future price movement. If ADA manages to break its resistance levels and maintain its momentum, it could experience significant growth in the near future. With increased liquidity and confidence in its DeFi landscape, Cardano has positioned itself as a strong contender in the cryptocurrency market.
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