The crypto market surge has become the most trending topic ever since the Bitcoin price reached a high of $64,000. With this, many altcoins within the AI and DeFi sectors have soared, with the memecoins facing tough competition. In the meantime, the altcoins within the top 10 have been trying hard to achieve levels above their respective resistances. Cardano, the third-gen crypto, is about to trigger a 20x rally soon.
The price of ADA is still very low compared to BTC, as the latter is poised to hit a new ATH in the coming days while the prior trades are within the lower ranges. Considering the current trade setup, it appears that the whales are not interested in pumping all the coins at the same time. From a technical perspective, ADA has broken out of the bullish flag on the weekly chart and this breakout may soon confirm the formation of a wave.
As the above chart suggests, the ADA price has rebounded and has set up a decent rally, intending to reclaim the lost levels. The price has left off from the 3rd wave and hence is believed to reach the 0.382 FIB levels, which may further initiate the 4th wave. This could help the price soar beyond 0.5 FIB levels, validating the beginning of a strong bull run.
Besides, the Cardano network has recently witnessed massive growth in new wallets, which indicates a potential rise in the adoption of the platform. Hence, this suggests the mounting confidence of the traders over the crypto, which may have a positive impact on the crypto in the coming days. Therefore, it appears to be just a matter of time before the Cardano (ADA) price, which is trading below a dollar, triggers a fine upswing to hit the ATH first and form a new one after rising by over 100% later.
