The latest Cardano (ADA) analysis shows promising signs of a potential price surge. Cardano proponent Dan Gamberdello has stoked community excitement by claiming that the token is poised for a breakout. Other analysts echo this sentiment, suggesting that now is the perfect time to swap Bitcoin (BTC) for ADA.
No guarantees, but this Cardano chart looks like it’s about to explode! pic.twitter.com/3gsJvpilau
— Dan Gambardello (@cryptorecruitr) July 4, 2024
On the 4-hour chart, ADA is trading at $0.410, hovering above important moving averages. The red line is the 200-period moving average, while the blue line is the 50-period moving average. Both indicators point to a bullish outlook for ADA in the short term.
Source: Dan Gamberdello
Further supporting the bullish thesis is another expert’s analysis. The second chart displays ADA/BTC on a weekly timeframe, where the expert highlights a pattern similar to the previous rally, suggesting that ADA may be on the verge of a significant price increase against BTC.
Source: Sssebi
The chart shows that ADA is forming a lower pattern similar to the previous cycle, which led to a significant jump. The Relative Strength Index (RSI) on the weekly chart is also in the oversold zone, which suggests that ADA is undervalued and is poised for an upward move. This is because oversold conditions often precede price rallies.
“When you look at the daily ADA/BTC chart, it looks like $ADA has gone up a lot versus BTC, but there’s still so much room left. I think we’ve just bottomed out and are about to start a big rally. If you look at the formation on the left, it looks a lot like what’s happening right now. There’s a big move in $ADA expected.”
Overall, Cardano’s technical indicators and chart patterns suggest that a bullish trend may be on the horizon. ADA is showing signs of resilience against both USD and BTC. Enthusiasts and investors should keep a close eye on ADA in the coming months as Cardano’s market dynamics continue to evolve.
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