Is Cardano (ADA) On The Brink of a Parabolic Rise?

Amidst recent fluctuations, analysts have focused on Cardano (ADA) due to its potential for a significant rally. Similarly, Bitcoin (BTC), the market leader

Cardano (ADA) price has been attracting the attention of analysts lately because it appears to have significant upside potential. On the other hand, the Bitcoin (BTC) price has passed a critical technical indicator despite the recent declines.

Analysts Are Preparing Cardano (ADA) for the Next Period

Cardano, which is frequently on the agenda with its technological infrastructure, has been attracting the attention of analysts lately. Dan Gamberdello, one of Cardano's important supporters, has previously stated that he expects an "explosive" growth phase for the ADA price.

When we look at the chart shared by Gamberdello, the ADA price is at $ 0.410 and is above the critical moving averages. The 200-day and 50-day moving averages, which are frequently used in derivatives markets, indicate long-term and short-term market trends respectively.

Both indicators indicate a bullish trend for the ADA price in the short term. Additionally, when we examine the price movements of ADA relative to BTC in the weekly time frame made by another analyst Sssebi on ADA's Relative Strength Index (RSI) levels indicate oversoldness, which often occurs before significant price increases.

There's never been a better time to convert your $BTC into $ADA. Here's why

When we look at the daily ADA/BTC chart, it looks like the ADA price has risen a lot compared to BTC, but there is a lot of space left and it seems like we have just reached the bottom and a big… https://t.co/vH1RX3QMUU pic.twitter.com /UnnY9Htgtu

— Sssebi (@Av_Sebastian) July 3, 2024

According to this technical indicator, current market sentiment towards ADA is more bearish than it should be, presenting a potential buying opportunity for strategic investors. The analyst says, “There is no better time to convert your $BTC into $ADA.”

What's Happening with the Bitcoin Price?

Bitcoin price has experienced a significant decline recently and fell below the $60,000 level, falling to approximately $57,257. . This bearish trend is also seen in the broader crypto market, with ADA falling as low as $0.3789.

On the other hand, renowned market analysts are noting significant technical movements, such as BTC/USD crossing its 200-day moving average for the first time in ten months . These technical milestones are closely watched as they can indicate significant shifts in the markets.

$BTC 4S First test of the 200-day moving average retracement since October 2023 (pre-ETF)

Rejection of the trend so far and near $63.8K Based on the reversal, spot selling has been the main driver of this trend

So for this HTF moving average to actually act as a systematic trigger for the market, the market has to… pic.twitter.com/FuW3A48mnJ

— Skew Δ (@52kskew) July 4, 2024

Despite short-term downward trends, long-term analyzes remain optimistic. Trading platforms such as DecenTrader, for example, point to large clusters of liquidations that could stabilize or lower market prices further.

If the Bitcoin price drops further, a large cluster of long liquidations around $50,000 could come into play, making it both a risk and a risk depending on market reactions. can create opportunity.

Feature image created with DALL-E, Chart from TradingView

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