Crypto analyst spots a developing bullish signal on Cardano (ADA).
ADA’s bullish signals align with the upcoming Chang hardfork and Voltaire upgrade.
Cardano’s price trend resembles a pattern from the last bull cycle.
Crypto analyst Dan Gambardello sees a bullish signal forming for Cardano (ADA). In a recent video, he pointed out several indicators on ADA’s price charts, establishing reasons he thinks the altcoin is getting set for a significant bull run.
CARDANO HOLDERS! Bullish ADA Signal Pending! (WATCH!)Intro: 00:00Cardano's Upcoming Upgrade 00:30Bullish Divergence and Historical Context 02:00Short-Term Price Action and Resistance 05:00Macro Barriers and Future Projection 08:30Patience and Future Outlook 09:54 pic.twitter.com/Pkj6QjJtET
— Dan Gambardello (@cryptorecruitr) August 23, 2024
Gambardello first noted a breakout on ADA’s weekly chart with a “meaningful” target. He believes a massive rally is possible for ADA, despite some negative sentiment in the crypto community towards the decentralized Proof-of-Stake (PoS) blockchain.
In Gambardello’s opinion, Cardano is one of the best-positioned cryptos, among other blue chips, considering what to expect in the bull cycle. The analyst cited the upcoming Voltaire upgrade, which kicks off with the Chang hardfork, as one of the crucial developments that would promote Cardano’s adoption and enhance ADA’s bull run.
The Chang hardfork marks the start of the Voltaire era, which will introduce decentralized governance mechanisms to the Cardano network. Gambardello agrees that this upgrade could shake up the market and potentially lead to a surge in ADA’s price.
Beyond the Voltaire upgrade, Gambardello found technical indicators that also point to a bullish future for ADA. He identified a bullish RSI divergence on the ADAUSD 3-day chart on TradingView, which he believes is strong enough to attract bullish sentiment. He also saw a similar pattern on the weekly chart, painting an even more optimistic picture for ADA.
Gambardello compared ADA’s recent behavior with its trend during the last bull cycle and noted that the altcoin displays a similar trend. He further observed that Cardano has developed over the years and has become attractive both from a technology and a value perspective, considering ADA’s current price, which he thinks does not match the altcoin’s actual value.
ADA traded for $0.380 at the time of writing, gaining over 17% in the last five days after breaking out of a steep downward trendline from the final week of July, according to data from TradingView.
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