Several analysts have expressed optimism, suggesting that Cardano (ADA) is poised for a near-term market bullish surge.
ADA recently participated in a impressive tip on the last day of February, recording a 14% gain to push its price above $0.7 for the first time since May 2022.
Despite these gains, some ADA investors are concerned that its performance may lag behind Bitcoin during the last bull cycle. Popular crypto analyst Dan Gambardello addressed some of these concerns in a recent video published on
Parabolic rally for Cardano
Gambardello's recent video analysis was primarily intended to address concerns about the ADA. underperformance in this bullish cycle. In particular, parallels have been drawn to the last time Bitcoin hit $60,000 in March and ADA was trading between $1.30 and $1.98.
However, this has not been repeated and traders are starting to wonder if ADA will spark the same bullish sentiment. Bitcoin has now past broken the $60,000 mark again and ADA finds itself in the region of $0.66 to $0.7.
Gambardello emphasized Past Ethereum Action for comparison, noting that the cryptocurrency is one cycle ahead of Cardano. In this context, when Bitcoin approached its old all-time high of $17,000 during the last cycle in 2021, Ethereum was at $500. This appears to have underperformed its previous performance without causing any concern from investors, since ETH was at $700 when BTC hit an all-time high of $17,000 in 2017.
He noted that since ADA currently reflects Ethereum's latest cycle, the current price movement is normal. He also noted that most altcoins are gearing up to perform.
Ultimately, the analyst noted that a bullish breakout of the structure had just occurred on ADA's weekly chart. The last time this happened in 2021, ADA saw a price increase from $0.15 to $1.5.
Bitcoin is now trading at $61.777. Chart: TradingView.com
Current Status of Cardano
Gambardello noted in his analysis that even though the Structure Breakout indicator triggered above $0.7, ADA saw a minor correction shortly after. In this context, he noted that a significant disruption of the structure could take place in the next three days.
Remarkably, ADA has actually moved above the $0.7 price level since the analyst uploaded his video. At the time of writing, ADA is trading at $0.74, up 10% in the last 24 hours. Notably, ADA reached above $0.76 in the last 24 hours.
The Cardano blockchain recently crossed 10 million blocks. ADA is now on its way to continue with massive gains with the rest of the crypto market.
Featured image from Pexels, chart from TradingView
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