ADA is setting up the stage for a “life-changing rally” according to analyst “Trend Rider.”
The cryptocurrency is up almost 4% in the past 24 hours and is trading at $0.3574.
Trend Rider believes that ADA will jump 3x once the stage is set for the price surge.
ADA, the native token of the Cardano ecosystem, is gearing up for a “life-changing rally” as pointed out by crypto analyst “Trend Rider” on social media platform X (formerly Twitter) and it seems that investors might soon witness the leading altcoin retest the highs witnessed during the 2021 bull run.
First, a scare—then a life-changing rally. That's exactly what happened with $ADA in 2020. 2024 is looking eerily similar. Keep this in perspective. pic.twitter.com/3dAuJK3qx7
— Trend Rider (@TrendRidersTR) August 20, 2024
According to the X post by Trend Rider, the current ADA price action resembles the setup from 2020 that led to the altcoin reaching its all-time high of $3.10 in September 2021. As of now, Cardano is trading at $0.3574, a nearly 4% increase in the past 24 hours, with a 16.23% jump in trading volume. The cryptocurrency’s market capitalization currently sits at $12.8 billion, almost 88% lower than its all-time high of $87.61 billion.
Trend Rider’s analysis of the monthly ADA price chart shows Cardano consolidating around the $0.01 and $0.1 price levels, potentially discouraging some crypto investors. However, this was followed by a “life-changing” rally where the altcoin generated massive gains for investors.
The data from CoinMarketCap shows that ADA is up 5.32% in the past seven days with a 17.66% drop in the past 30 days. However, the 11th-largest cryptocurrency by market capitalization is up a modest 33.55% from August 2023, being outperformed by its rivals like Solana (SOL) which is up more than 300% during the same time period.
Trend rider believes that the ADA token will jump three times in prices once the setup for a life-changing rally is complete and added:
“First, bore everyone. Then, scare them into selling all their $ADA. After that, the path is clear.”
As per the TradingView chart above, in the short term, the Relative Strength Index (RSI) for the ADA price action reads a value of 51.61 which confirms that the bulls are back in charge of the cryptocurrency’s price action and the gradient of the line suggests that higher prices might soon be witnessed.
The post Cardano’s Chances of a Life-Changing Rally 2024 appeared first on Coin Edition.
