Cardano

Bitcoin

A crypto analyst has identified an indicator that could suggest that <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-price-to-11/#:~:text=To%20highlight%20ADA's%20potential%2C%20he,immense%20utility%20in%20place%20now." target="_blank" rel="noopener nofollow">Cardano’s (ADA)</a> price is set to enjoy a parabolic move. This comes just as the <a href="https://bitcoinist.com/cardano-ada-price-explode/" target="_blank" rel="noopener ">altcoin</a> led others as the top gainer in the last 24 hours.&nbsp; 
<h2 id="b-ada-on-the-way-up-if-this-happens-b">ADA On The Way Up If This Happens</h2> 
In a <a href="https://x.com/tylerscrypto/status/1733286733788107151?s=46&amp;t=ONRd4hm_o6277hy9Day5ww" rel="nofollow" target="_blank">post</a> on his X (formerly Twitter) platform, crypto analyst Tyler Strejilevich noted that <a href="https://bitcoinist.com/cardano-ada-highest-profitability/" target="_blank" rel="noopener ">ADA</a> is about to get a bullish weekly cross for the first time since June 2020. The last time this happened, the crypto token was said to have climbed 6,000% in a period that lasted over a year.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-268724 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/12/a-44.png?w=626&amp;resize=626%2C329" alt="" width="626" height="329" data-recalc-dims="1"> 
This indicator seems to spell a very bullish momentum for ADA, as Strejilevich sounded very optimistic about the new heights ADA could attain if this happens. He went as far as labeling ADA potentially seeing a bullish weekly cross as “Big.” According to him, this isn’t something he doesn’t usually say, probably in a bid to amplify the magnitude of this happening.&nbsp; 
<a href="https://bitcoinist.com/cardano-founder-crypto-trust/" target="_blank" rel="noopener ">ADA holders</a> will be hoping that this happens as the crypto token needs all the momentum it can get, even as the <a href="https://www.newsbtc.com/news/cardano/cardano-price-rally-650-by-july-2024/" target="_blank" rel="noopener nofollow">bull run draws near</a>. ADA has so far had some naysayers who believe that the token will underperform when the bull market returns. One of them happens to be crypto analyst Lady of Crypto, <a href="https://www.newsbtc.com/news/cardano/cardano-ada-bull-market/" target="_blank" rel="noopener nofollow">who once outlined five reasons</a> for her stance.&nbsp; 
Interestingly, one of the reasons she mentioned then was that Cardano was underperforming in terms of <a href="https://bitcoinist.com/shibaswap-shibs-dex-tops-1b-tvl-24-hours-after-launch/" target="_blank" rel="noopener ">total value locked</a> (TVL) on the network. Cardano was ranked in 15th position at the time in terms of the TVL on different chains. That has significantly changed as, at the time of writing, Cardano <a href="https://defillama.com/chains" target="_blank" rel="noopener nofollow">stands at 9th</a> based on this metric.&nbsp; 
That would suggest that <a href="https://www.newsbtc.com/news/cardano/cardano-breakout-1600-6-5/" target="_blank" rel="noopener nofollow">liquidity is flowing</a> into the Cardano ecosystem. It could also mean that many are more bullish on the network’s decentralized finance (DeFi) landscape, which has become <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-price-to-11/#:~:text=To%20highlight%20ADA's%20potential%2C%20he,immense%20utility%20in%20place%20now." target="_blank" rel="noopener nofollow">one of its major selling points</a> since after the last bull run.&nbsp; 
<h2 id="b-ada-to-break-above-0-6-b">ADA To Break Above $0.6?</h2> 
<a href="https://bitcoinist.com/cardano-key-demand-zone-ada-price/" target="_blank" rel="noopener ">ADA</a> had hit $0.6 during its most recent rally. However, it faced strong resistance at that price level before it eventually cooled off. However, some predict that it won’t be long before it<a href="https://www.newsbtc.com/news/cardano/cardano-breakout-1600-6-5/" target="_blank" rel="noopener nofollow"> breaks above that resistance level</a>. If that happens, crypto analyst Sebastian noted that the next resistance levels to keep an eye on are $0.66 and $0.75 
<img loading="lazy" decoding="async" class="size-medium wp-image-268725 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/12/a-45.png?w=565&amp;resize=565%2C302" alt="" width="565" height="302" data-recalc-dims="1"> 
In the meantime, Sebastian mentioned that a bit of consolidation would be “healthy” for ADA before it makes a run again. Considering that the crypto token has been rallying for some days now, this is highly expected.&nbsp; 
At the time of writing, ADA is trading at around $0.59, up by over 24% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener nofollow">data</a> from CoinMarketCap.&nbsp; 
Featured image from Shutterstock

Crypto Analyst Identifies Cardano (ADA) Bullish Cross That Led To 6,000% Increase

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