Cardano (ADA) Price Could Surge 10X, Revisiting All-Time Highs
- 王林Original
- 2024-09-07 21:15:13303browse
The price of Cardano (ADA) could be gearing up for a substantial price rally to new highs as a crypto analyst has identified an “insane bullish divergence” in the ADA/BTC price chart.
Cryptocurrency prices have been on a roller coaster ride in recent years, with some coins, like Dogecoin (DOGE), experiencing astronomical gains of over 10,000%. Now, as the bear market continues to unfold, some traders and analysts are keeping a close eye on ADA, the native token of the Cardano ecosystem, anticipating a potential 10X price rally.
This anticipation stems from a technical analysis by crypto analyst Dan Gambardello, who recently identified an “insane bullish divergence” in the ADA/BTC price chart. This unique pattern has sparked expectations of a potential 10X rally in ADA's price.
While analyzing the ADA/BTC price chart, Gambardello noticed a bullish divergence pattern, indicating that a price rebound might be on the horizon for ADA.
Usually, a bullish divergence occurs when the price of a cryptocurrency, in this case Cardano, makes a new low but the Relative Strength Index (RSI) indicator doesn't. This scenario suggests that ADA's bearish trend is finally losing momentum, potentially signaling the beginning of a bullish price reversal and uptrend.
Gambardello's ADA/BTC price chart tracks the price of Cardano relative to Bitcoin over time. The analysis reveals that a similar bullish divergence pattern occurred in the ADA/BTC chart about four years ago.
At the time, Cardano experienced a massive price rally of over 1,000% against Bitcoin, setting the stage for its rise to new all-time highs of $3.10 in September 2021. In light of this recurring historical pattern, Gambardello suggests that the current ADA/BTC bullish divergence might be a precursor to a similar price increase for Cardano.
If this historical trend continues, we could see ADA's price surging by a whopping 10X, potentially pushing its current value of $0.319 to over $3 this bullish cycle.
In other ADA price news, The DApp Analyst, a market research and marketing account for DApp projects in the Cardano ecosystem, took to X on September 5 to discuss the potential future performance of ADA. The analyst based his analysis of ADA on various economic factors and historical trends in the market.
According to The DApp Analyst, the price of ADA is set to skyrocket significantly, potentially rallying 860% to revisit all-time highs above $3. By the first quarter (Q1) of 2025, they anticipate that the Federal Reserve (FED) may pivot to a looser monetary policy, characterized by lower interest rates and a greater money supply.
Furthermore, the analyst believes that Cardano has now transitioned into a more sound investment, shedding previous perceptions of being a speculative asset. They revealed a connection between decreasing United States (US) 1-year Treasury bond yields and rising ADA prices. Historically, as bond yields dropped, the value of Cardano surged significantly, even outperforming Bitcoin.
Following this historical trend, the analyst suggests that 2025 may usher in the altcoin season, with cryptocurrencies like ADA experiencing significant price increases and growth.
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