Cardano

Rally

Parabolic

when

Several analysts have expressed optimism, suggesting that Cardano (ADA) is poised for a <a href="https://www.newsbtc.com/news/cardano/ada-price-breakout-analyst-predicts-new-all-time-high-as-cardano-surges-by-30/">bullish market surge</a> in the near term. 
ADA recently went on an <a href="https://www.newsbtc.com/analysis/ada/ada-price-prediction-0-80/" target="_blank" rel="noopener ">impressive spike</a> on the last day of February, registering a 14% gain to push its price above $0.7 for the first time since May 2022.&nbsp; 
Despite these gains, there have been concerns from some investors of ADA potentially falling behind in its performance relative to Bitcoin in the last bull cycle. Popular crypto analyst Dan Gambardello addressed some of these concerns in a <a href="https://x.com/cryptorecruitr/status/1763370566273171742?s=20" target="_blank" rel="noopener nofollow">recent video</a> posted on X. He mentioned that Cardano is currently within a typical trend and that a bull indicator which is expected to welcome a parabolic price spike would soon be triggered. 
<h2 id="b-parabolic-rally-for-cardano-b">Parabolic Rally For Cardano</h2> 
Gambardello’s recent video analysis came mostly to address concerns about ADA’s <a href="https://www.newsbtc.com/news/cardano/cardano-ada-coins-seeing-loss-taking-means/" target="_blank" rel="noopener ">underperformance </a>in this bull cycle. Particularly, parallels were made to the last time Bitcoin reached $60,000 in March and ADA was trading around $1.30 to $1.98. 
However, this hasn’t repeated itself and traders are beginning to wonder if ADA will attract the same bullish sentiment. Bitcoin has <a href="https://www.newsbtc.com/bitcoin-news/breaking-bitcoin-price-smashes-above-60000-are-new-aths-ahead/" target="_blank" rel="noopener ">now broken past</a> the $60,000 mark again and ADA finds itself in the $0.66 to $0.7 region.&nbsp; 
Gambardello emphasized <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-3500/" target="_blank" rel="noopener ">Ethereum’s past action</a> as a comparison, noting that the cryptocurrency is one cycle ahead of Cardano. In that context, when Bitcoin neared its former all-time high of $17,000 in the last cycle in 2021, Ethereum was at $500. This seemingly underperformed its previous performance without raising a cause for concern from investors, as ETH was at $700 when BTC reached an all-time high of $17,000 in 2017.&nbsp; 
He remarked that since ADA is currently mirroring Ethereum’s last cycle, the current price movement is normal. He also noted that most altcoins are getting ready to power through.&nbsp; 
Ultimately, the analyst noted that a bullish break of structure just occurred on ADA’s weekly chart. The last time this happened in 2021, ADA went on a price surge from $0.15 to $1.5.&nbsp;&nbsp;&nbsp;&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/iimfOG0X/" width="1835" height="883"> 
<h2 id="strong-current-state-of-cardano-strong">Current State Of Cardano</h2> 
Gambardello noted in his analysis that while the break of structure indicator got triggered above $0.7, ADA saw a minor correction shortly after. In light of this, he made the observation that a significant disruption of structure might take place within the next three days. 
Remarkably, ADA has in fact broken out of the $0.7 price level since the analyst posted his video online. At the time of writing, ADA is trading at $0.74, up by 10% in the past 24 hours. Particularly, ADA reached above $0.76 in the past 24 hours.&nbsp; 
The Cardano blockchain recently <a href="https://x.com/StakeWithPride/status/1763311675359580444?s=20" target="_blank" rel="noopener nofollow">crossed over</a> 10 million blocks. ADA is now on its way to <a href="https://www.newsbtc.com/news/cardano/cardano-price-can-reach-165/" target="_blank" rel="noopener ">continue on massive gains</a> along with the rest of the crypto market.&nbsp; 
Featured image from Pexels, chart from TradingView

Crypto Analyst Predicts Parabolic Rally For Cardano – Here’s The Timeline

Table of Contents

NewsBTC

Other articles published on Mar 2, 2024

Is Dogecoin only starting its big rally after 70% weekly gains?

Predicting a Surge: Bitcoin Could Skyrocket to $900,000, Says Expert

Cardano Founder Voices Rare Support for XRP Lawyer

$10k Passive Income Monthly on Social Media With Innovative AI Tool

Biden gets what he wants, dodges US government shutdown

Wall Street Journal Embroiled in Defamation Suit Over Tether-Bitfinex Coverage

Join our free newsletter for daily crypto updates!