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A prominent pro-Cardano crypto analyst has hinted that Cardano’s climactic bullish is on the cusp of activation, like in the last cycle, to see ADA potentially reach unprecedented highs.
Cardano has recorded a 9% gain within the last 24 hours, growing from $0.6434 to $0.7022. Furthermore, ADA’s performance over the past 30 days has been remarkable, with a significant increase of over 37%.
This price gain emerged on the back of Bitcoin’s rallies, breaking 2021 highs.
Despite this commendable rally mirroring Bitcoin’s performance, some Cardano enthusiasts express unease about ADA lagging behind the leading cryptocurrency.
They drew parallels with the previous bull season, highlighting that when BTC first reached $60k between March and April 2021, ADA was trading around the $1.3 mark.
However, in the current cycle, with BTC once again surpassing $60k, Cardano finds itself below $1. This discrepancy has sparked concerns among ADA enthusiasts.
Cardano is Not Lagging Behind Bitcoin
In response to these concerns, Cardano analyst Dan Gambardello drew comparisons with Ethereum (ETH) market data, highlighting a similar occurrence.
CARDANO Bull Indicator Almost ACTIVATED! (Truth Behind ADA Price!)
Intro 00:00
Cardano price concern 00:50
Is Cardano price lagging this cycle? 1:30
Ethereum offers helpful context 2:30
Cardano is within a normal move 8:00
Cardano bull indicator almost triggered! 9:25 pic.twitter.com/8tRlwEj8AO— Dan Gambardello (@cryptorecruitr) March 1, 2024
He noted that during Bitcoin’s initiation to break into the bull market doors in late 2020 at around $17k, ETH was merely at $500. Gambardello underscored that ETH doubled in value within eight weeks, reaching above $1,300.
He emphasized that since there was no cause for concern regarding ETH’s lag behind BTC in the past cycle, there is likewise no need for concern regarding ADA.
Furthermore, Gambardello stressed that historically, when Bitcoin begins its trajectory towards new all-time highs, altcoins are typically gearing up for insane rallies.
Ultimately, he remarked that ADA’s current movement is normal and does not warrant concern.
ADA Bull Indicator Could Activate in 3 Days
Meanwhile, the Cardano analyst has hinted at ADA’s impending rally, drawing insights from the asset’s weekly chart. He referenced a technical indicator, observing that ADA’s current trajectory resembles that of December 2020.
Specifically, Gambardello highlighted that a bullish structure ADA exhibited in late 2020 briefly reappeared as the asset surged past the $0.7 threshold within the last 24 hours.
However, he noted that the bullish structure quickly faded as ADA’s price retreated to the $0.6 range.
Consequently, the analyst speculated Cardano could witness a significant action in the next three days. The condition he outlined includes the asset registering a move to the upside and closing above the 200-day moving average.
Gambardello believes such a move could be the ultimate signal for the much-awaited Cardano rally to a new all-time high.
At press time, ADA trades at $0.67 amid encountering bearish forces in the past few hours.