Is Cardano the Next Big Winner? Analysts Predict Massive Surge as Bitcoin Wobbles
04 Julio 2024 - 5:00PM
NEWSBTC
Amidst recent fluctuations, analysts have focused on Cardano (ADA)
due to its potential for a significant rally. Similarly, Bitcoin
(BTC), the market leader, has shown patterns that traders must
understand as they navigate the current market conditions. Related
Reading: Cardano ADA Trades Below The $0.41 Mark, Will It Break The
Barriers? Is Cardano (ADA) On The Brink of a Parabolic Rise?
Cardano, often lauded for its technological foundation, has
recently caught the attention of experts predicting an imminent
rally. Dan Gamberdello, a prominent advocate for Cardano, has
publicly stated his expectations for an “explosive” growth phase
for ADA. Analyzing the chart shared by Gamberdello, ADA’s price of
$0.410 stabilizes above critical moving averages, which Gamberdello
interprets as a bullish signal. Traders often use the 200-period
and 50-period moving averages to gauge long-term and short-term
market trends, respectively. Both indicators suggest a bullish
outlook for ADA in the short term. Additionally, a pattern analysis
of ADA compared to BTC on the weekly timeframe from another analyst
named Sssebi on X further supports this bullish view, drawing
parallels with previous cycles that led to significant rallies. His
technical analysis reinforces Sssebi is optimistic outlook, which
reveals that ADA’s Relative Strength Index (RSI) levels indicate it
is currently oversold, historically a precursor to substantial
price increases. There couldn’t be a better moment to swap your
$BTC to $ADA than right now. Here’s why 👇 When you check the daily
ADA/BTC chart it seems like $ADA has gone up a lot vs BTC but there
is so much room left and I think we have just reached the bottom
and are about to start a big… https://t.co/vH1RX3QMUU
pic.twitter.com/UnnY9Htgtu — Sssebi🦁 (@Av_Sebastian) July 3, 2024
This technical indicator suggests that the current market sentiment
around ADA might be more bearish than warranted, presenting a
potential buying opportunity for strategic investors. The analyst
noted: “There couldn’t be a better moment to swap your $BTC to $ADA
than right now.” What is up With Bitcoin? Meanwhile, Bitcoin has
recently experienced a notable decline, dipping below the critical
$60,000 mark to about $57,257. This downward trend is seen
concurrently in the broader crypto market, including ADA’s recent
dip to $0.3789. However, popular market analysts have highlighted
significant technical movements, such as BTC/USD crossing its
200-day moving average for the first time in ten months, suggesting
potential market reversal points. Such technical milestones are
closely monitored as they can indicate significant market shifts.
$BTC 4H First test of 200D MA since oct 2023 reclaim (pre – ETF) so
far since trend rejection & reversal around $63.8K spot selling
has been the main driver of this trend so in order for this HTF MA
to actually act as a systematic trigger for the market we need to
see market… pic.twitter.com/FuW3A48mnJ — Skew Δ (@52kskew) July 4,
2024 Despite the bearish short-term trends, long-term analyses
remain optimistic. For instance, trading platforms like DecenTrader
point out potential zones of large liquidations that could
stabilize or further depress market prices. Related Reading: Buckle
Up: Here Is Why Bitcoin Might Just Be Gearing Up For a 200% Surge
If Bitcoin’s price were to break down further, a significant
cluster of long liquidations could activate around the $50,000
mark, presenting both a risk and an opportunity depending on market
responses. Feature image created with DALL-E, Chart from
TradingView
Cardano (COIN:ADAUSD)
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Cardano (COIN:ADAUSD)
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