The recent spike in the price of Cardano (ADA) has fueled optimism among analysts, with many suggesting that ADA is set for a bullish market surge in the near future. Just at the end of February, ADA experienced an impressive 14% gain, pushing its price above $0.7 for the first time since May 2022. Despite this positive movement, there are concerns among some investors about ADA potentially lagging behind Bitcoin in terms of performance during the current bull cycle.
In a recent video posted on X, popular crypto analyst Dan Gambardello addressed these concerns and highlighted that Cardano is following a typical trend. He mentioned that a bullish indicator signaling a parabolic price spike is expected to be triggered soon, possibly boosting ADA’s performance. Gambardello compared ADA’s current situation to the time when Bitcoin reached $60,000 in March and ADA was trading at $1.30 to $1.98. While ADA now finds itself in the $0.66 to $0.7 region, traders are questioning whether it will attract the same bullish sentiment as before.
Comparison to Ethereum’s Past Performance
Gambardello drew comparisons to Ethereum’s past performance, noting that the cryptocurrency is one cycle ahead of Cardano. When Bitcoin approached its previous all-time high of $17,000, Ethereum was at $500 in the last cycle in 2021, without causing concern among investors. Similarly, when BTC hit an all-time high of $17,000 in 2017, ETH was at $700. Gambardello pointed out that ADA’s current price movement aligns with Ethereum’s last cycle, indicating normalcy in the market. He also mentioned that many altcoins are gearing up for significant price movements.
The analyst highlighted that a bullish break of structure recently occurred on ADA’s weekly chart, signaling a potential price surge. He referred to a similar instance in 2021 when ADA’s price jumped from $0.15 to $1.5 after a break of structure. While ADA experienced a minor correction after breaking above $0.7, Gambardello suggested that a significant disruption of structure could occur within the next three days.
Since the video was posted, ADA has indeed surpassed the $0.7 price level and is currently trading at $0.74, marking a 10% increase in the past 24 hours. At its peak, ADA reached above $0.76 within the same time frame. The Cardano blockchain has also reached a milestone of over 10 million blocks, indicating continuous growth and potential for further gains in the crypto market.
The future of Cardano (ADA) in the crypto market appears promising, with analysts expressing optimism about a potential bullish surge in the near term. While there are concerns about ADA’s performance compared to Bitcoin, historical comparisons to Ethereum’s past cycles suggest that ADA is following a normal trend. With signs of bullish momentum and a recent break of structure on ADA’s chart, the cryptocurrency is poised for significant price movements in the coming days. Investors are advised to conduct thorough research and assess the risks before making any investment decisions in the volatile crypto market.