Cardano

bullish

Rally

Bitcoin

<ul>
 <li>Analyst Dan Gambardello predicts potential 1,000% rally for ADA against Bitcoin.</li>
 <li>ADA posts 2.5% increase but investors still face 9.4% weekly losses.</li>
 <li>Bullish divergence in ADA/BTC pair resembles 2020 pattern preceding major surge.</li>
</ul>
<p><a href="https://thenewscrypto.com/?s=Cardano" target="_blank" rel="noopener noreferrer nofollow">Cardano</a> (ADA) finds itself at a potentially pivotal juncture as renowned analyst Dan Gambardello identifies a bullish divergence in its price action against Bitcoin, drawing striking parallels to a similar pattern observed in 2020.</p>
<p>This technical formation has sparked speculation about a possible massive rally for <a href="https://thenewscrypto.com/?s=ADA" target="_blank" rel="noopener noreferrer nofollow">ADA</a>, reminiscent of its previous 1,000% surge.</p>
<p>Despite recent struggles to break out of the $0.30 price channel following the implementation of the Chang hard fork, ADA has shown signs of life with a 2.5% price increase.</p>
<p>However, this modest uptick offers little consolation to investors who bought in a week ago, as they currently face losses exceeding 9.4% with ADA trading at $0.3263.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Insane bullish divergence on the ADA/BTC daily chart.<br><br>Last time this happened 4 years ago, Cardano rallied over 1,000% against Bitcoin. <a href="https://t.co/cR0uqkIcTe" rel="noopener noreferrer nofollow">pic.twitter.com/cR0uqkIcTe</a></p>— Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1831520871443308584?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-cardano-analyst-identifies-a-bullish-divergence">Cardano analyst identifies a bullish divergence</h2>
<p>Gambardello’s analysis focuses on the ADA/BTC trading pair, where he identifies a bullish divergence that mirrors the 2020 pattern preceding ADA’s meteoric rise.</p>
<p>This technical formation occurs when an asset’s price makes lower lows while momentum indicators like the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD) form higher lows, suggesting waning downward momentum and the potential for an imminent reversal.</p>
<p>The chart shared by Gambardello illustrates ADA’s price relative to Bitcoin remaining in a downtrend while the RSI and MACD show rising momentum.</p>
<p>This disconnect between price action and underlying strength indicators closely resembles the setup that preceded ADA’s previous all-time high, lending credence to the possibility of another significant breakout.</p>
<p>Currently, the ADA/BTC pair trades at 0.00000573 BTC. If history were to repeat itself with a 1,000% rally, this value could expand elevenfold to 0.00006303 BTC. Translating this percentage growth to ADA’s dollar value would place the asset at approximately $3.553, slightly above its 2021 all-time high.</p>

Cardano Analyst Predicts Potential 1,000% Rally for ADA Against Bitcoin

Table of Contents

TheNewsCrypto

Other articles published on Sep 5, 2024

Io.net and Flock.io Launch World’s First Proof-of-AI Consensus Mechanism

Avoid This Costly Mistake: $1M Lost in Crypto Scam Due to Contaminated Address

Bybit Launches bbSOL, Pioneering Liquid Staking on Solana

LADYS Meme Coin Rebrands as it Details Vision Statement (5 Sep)

EigenLayer to Distribute 86M Tokens in Season 2 Stakedrop

📢 ETH, AI Index Product Launch Coming Soon 📢

Join our free newsletter for daily crypto updates!