coinedition.com
Cardano (ADA) rebounded, recovering two and a half years of losses in less than a month with a 174% surge in the past three weeks. The altcoin’s recent price action has impressed supporters, flipping its trajectory to a significantly bullish mode, as nearly all the technical indicators suggest a buildup of more bullish momentum.
In a podcast, a cryptocurrency analyst compared Cardano’s current price trend to its behavior during the last bull run. He spotted the multiple technical indicators suggesting the upward movement is just beginning and may persist.
Considering the coinciding trend, November 7 becomes a significant date in Cardano’s bull cycle. It marks when Cardano broke into a parabolic uptrend in 2020, only for the altcoin to repeat the same movement exactly four years later. This move saw ADA break above its 20- and 50-week moving averages both times. During the 2020 bull run, Cardano rallied 2,680%, moving from $0.087 to $3.160 in less than one year.
In the meantime, the analyst highlighted a confluence of momentum buildup across multiple oscillating indicators like the Stochastic RSI and the Moving Average Convergence Divergence (MACD). He revealed the indicators’ upside potential, citing past examples to show that more ground remains for the ADA chart to cover before reaching an overbought condition.
Read also: ADA and XRP Surge as Cardano and Ripple Plan DeFi Collaboration
Besides the technical indicators, several macro events have aligned to boost ADA’s bullish sentiment, including Cardano’s potential partnership with Ripple to integrate DeFi components on XRP and the blockchain project’s rumored collaboration with Elon Musk’s SpaceX. Rumors of Cardano founder Charles Hoskinson’s involvement in the incoming presidential administration also contributed to the bullish sentiment.
ADA traded for $0.881 at the time of writing, reflecting a 7.3% surge within the past 24 hours, according to data from TradingView. Analysts expect the ADA price to overcome the $1 barrier soon.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.