2023-10-2 19:51 |
Cardano (ADA) has recently been at the forefront of discussions within the cryptocurrency market, particularly as it exhibits bullish solid signals as the fourth quarter starts.
Amidst the volatile altcoin landscape in early October, ADA has been a standout performer, catching the attention of both traders and analysts. At press time, the eighth-largest cryptocurrency was trading at approximately $0.2664 after surging just over 5% over the past 24 hours.
Notably, what has piqued the interest of market participants is the emergence of a compelling technical indicator, an upward breakout from a descending triangle pattern (well seen in the H4 chart). Traditionally, this pattern signals a bullish trend reversal, suggesting that Cardano might be entering a phase of upward momentum.
Since the breakout on September 28, Cardano has shown signs of acceleration, further fueling optimism about the potential for a bullish trend on the horizon. On Sunday, Crypto analyst “Trend Rider” weighed in on the ADA situation, expressing strong optimism, tweeting, “ADA is one of my favorites and looks ready to pop.”
According to his analysis, Cardano found support around $0.2425 and experienced multiple bounces, aligning with his previous bullish signals.
The analyst also noted a positive signal, denoted by a strong bullish weekly candle, which he said has a historical accuracy rate of 67% for predicting bullish movements. He also highlighted a short-term oscillator indicator that suggested a potential upward move.
“Short term the 4h oscillator looks like it wants to pop, you can see how it has been rejected from here in the past, if it flips green then it is ready to go,” he added, sharing this chart.
Another crypto analyst, Dan Gambriello, compared Cardano’s cycles to those of Ethereum, emphasizing Cardano’s potential. On his YouTube channel, the analyst noted that he believes Cardano is on the path to becoming a formidable competitor to Ethereum, thanks to its focus on solving the scalability, security, and decentralization trilemma.
He also stressed that despite Cardano’s detractors, it maintains its position in the top five cryptocurrencies, excluding stablecoins, signalling its resilience and potential.
That said, as Cardano continues to chart its way higher with the aforementioned patterns reinforcing this momentum, anticipations are high for Cardano to achieve a substantial breakthrough. Notably, the mid-term objective of surpassing the $0.30 resistance level is on the horizon, with sights set on the broader $0.40-$0.42 resistance range.
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