A comprehensive analysis by crypto analyst Dan Gambardello on X suggests that Cardano (ADA) may be on the cusp of a significant bull run.
While traditionally, Bitcoin (BTC) serves as the leader for such market shifts, Gambardello identified alternative entry points for ADA using a combination of technical indicators, potentially indicating an independent surge for the digital asset.
Read Also: Top Analyst Spots the Key Support Level To Trigger Cardano (ADA) Next Rally
Cracking the Bull Market Door
Gambardello’s analysis deviates from the reliance on the popular Fibonacci retracement tool often employed to gauge potential bull market trajectories. Instead, he utilizes a multi-pronged approach, focusing on:
Change of Character (ChoCh): This indicator acts as a signpost, identifying structural shifts within market trends. When supply or demand zones exhibit weaknesses, ChoCh signals a potential reversal, paving the way for sustained movement in the opposite direction.
Structural Break: Gambardello observed a strengthening break in ADA’s price structure, suggesting a fundamental shift in market sentiment. This shift reinforces the notion that the resistance levels which were once formidable barriers, may crumble as the uptrend gains momentum.
CARDANO Pounding On BULL MARKET Doors! (WATCH OUT!)
Intro 00:00
What are bull market doors? 00:20
LOWER HIGH (correction) 00:35
Careful of resistance/pullback in short term 3:00
Step 1 of Cardano bull market doors 5:20
Step 2 of bull market does 6:00
New cycle uptrend for… pic.twitter.com/0JcHkUrjhW— Dan Gambardello (@cryptorecruitr) December 19, 2023
Early Mover Advantage?
A significant deviation from past cycles emerges in Gambardello’s analysis. Unlike previous rallies that typically trailed the Bitcoin halving, he posits that ADA’s potential surge might occur before the event. ChatGPT recently picked ADA among three cryptocurrencies that could surge before Christmas, and we could see this expected surge begin before then.
Despite a dip yesterday, Cardano is recovering, currently trading at $0.5971, with an increase of 3.55% in 24 hours. This recovery reinforces the bullish outlook for ADA and could be the start of the predicted bull run.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: ADA to $32? Analyst Predicts Cardano Bulls to Beat Top Assets in This Bull Cycle
However, ADA might also drop again, as the 4-hour chart indicates the 0.786 Fibonacci retracement level at $0.56, suggesting a possible further dip before the ascent commences. This technical level presents an attractive entry point before the surge resumes.
ADA’s Relative Strength Index (RSI) currently sits at 40.15, reflecting diminished buying pressure. It also hints at a potential resurgence. Should the RSI climb again, it could trigger a swift upward movement for ADA, potentially pushing it past $0.60 and toward $0.70.
While a short-term dip might bring temporary uncertainty, Gambardello’s analysis paints a good picture of ADA’s potential for a sustained bull market.
With the excitement for the impending bull run, a lot of scammers are trying to prey on unsuspecting crypto enthusiasts. There are important warnings the Cardano community needs to listen to so they don’t lose their tokens before the anticipated bull run starts.
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