Cardano (ADA) is being tipped to enjoy an upward parabolic move soon enough, as this crypto analyst has identified indicators that suggest so. This follows other recent predictions that have revolved around ADA even as the crypto token continues to mount a resurgence.
Why ADA Price Is Set To Enjoy A Massive Rally
In a video posted on his X (formerly Twitter) platform, Dan Gambardello, the founder of Crypto Capital Venture, identified the order book level as one of the indicators of an ADA rally. According to him, the current order book level on the charts is posing as an area of resistance.
He noted the importance of this as he drew a similarity with a pattern back in 2020, right before ADA broke out, and enjoyed a break of structure and a change of character. However, the crypto analyst noted that ADA’s road to the “bull market doors” seems to be faster this time, as this is already playing out months before the Bitcoin Halving.
Gambardello had previously hinted that the bull run was going to return after the Bitcoin Halving event. When that happened, he stated that ADA would rise to as high as $11. In his latest video, he still alluded to Bitcoin as he noted how the crypto saw its bull market doors in November 2020, right around the time that Bitcoin’s bull market doors broke the Fibonacci level.
If the crypto analyst’s analysis is anything to go by, the token’s journey to the bull market doors isn’t going to be straightforward. There is likely to be a significant retracement before the break of structure to the upside occurs. Back in 2020, ADA was overbought around the period before the BOS occurred. This time around, the crypto also happens to be overbought, Gambardello noted.
Other Indicators Of Cardano’s Imminent Rise
The second indicator that Gambardello brought up was the signal and overlays. He highlighted a smart trail on the ADA chart, which shows that the bull market is around the corner once again. This smart trail is basically broken into two parts – a blue line, which signifies an uptrend, and a red one, which is bearish.
The red line was evident throughout the bear market. However, the blue line seems to have just triggered on the ADA weekly chart. Gambardello mentioned that this is an indicator that the token is almost at the bull market doors. Interestingly, this also happened right around the last Bitcoin Halving.
The last indicator that the crypto analyst highlighted was the ‘trend catcher.’ This trend catcher apparently detects early trends and shows when the market is about to experience an upside move. Gambardello stated that this trend catcher was also very visible throughout the last bull market.
At the time of writing, ADA is trading at around $0.60, according to data from CoinMarketCap.