Cardano (ADA) Prints ‘Undeniable Bull Run’ Signal: Crypto Analyst
April 12 2024 - 8:00AM
NEWSBTC
The price of Cardano (ADA) has experienced a decline in recent
weeks. Following a peak at a 23-month high at $0.808 on March 11,
the price of ADA has fallen by over 28%, and it is now hovering
just below the $0.60 level. Notably, Cardano has underperformed
compared to its competitors, slipping to the 10th position among
the largest cryptocurrencies by market cap. However, a crypto
analyst, known as Trend Rider (@TrendRidersTR) on X, has declared
that ADA is showing clear signs of a bull run based on technical
analysis of its Relative Strength Index (RSI) and Simple Moving
Average (SMA) crossovers. What This Means For Cardano Price
According to Trend Rider’s recent post on X, Cardano’s current
market behavior mirrors a rare pattern in the one month chart
(ADA/USD) observed only once before, which led to a significant
price surge from $0.05 to $3.00. Related Reading: Cardano At Risk
Of Crashing To $0.4 As Important Metrics Turn Bearish The analyst
emphasized, “ADA’s undeniable bull run is here. With its second RSI
crossover in history, it’s reminiscent of when prices soared from
$0.05 to $3. This rare event, marking a potential trend shift as
the RSI crosses its SMA, has flawlessly predicted past cycles
shifts at it’s early stages.” The analysis presented by Trend Rider
focuses on the RSI, a momentum oscillator that measures the speed
and change of price movements, and its crossover with the SMA, a
common trading signal interpreted as a potential bullish or bearish
market indicator. The post details three critical phases in
Cardano’s recent market activity. The first crossover occurred
shortly after the COVID-19 pandemic onset when ADA traded at $0.19,
marked by a substantial price increase following the crossover
event. At the end of the 2021 bull run, a bearish crossover took
place that heralded a prolonged bear market. “Notice how perfect
the bearish crossover anticipated the bear market. This is an
extremely strong validation for this indicator. Making it very
relevant to predict ADA long term cycles,” the analyst states. The
second bullish crossover of the RSI with the SMA occurred in
October and November 2023, this event was initially met with market
rejection a few months earlier, adding credibility to the
indicator’s reliability in predicting long-term market trends.
Related Reading: “Where It Should Be”: Crypto Analyst Remains Firm
On $1.7 Prediction For Cardano (ADA) Trend Rider concludes, “The
RSI and its SMA crossovers are an extremely reliable source to
identify ADA bull runs and bear markets at its early stages.” This
analysis suggests that Cardano is currently entering a bull market
phase, reinforcing the optimistic outlook for ADA. Moreover, the
analyst warned the one-month chart reflects a macro perspective for
holders, “each candle represents one month, so you can expect huge
volatility within each candle.” Furthermore, he cautioned of the
inherent risks in crypto investments, noting the importance of a
personalized investment strategy to navigate potential market
volatility and unforeseen events, often referred to as ‘black swan’
events. “VERY IMPORTANT: Personally, these macro charts help me see
the bigger picture, but I always use my own process to secure
profits and protect myself from any black swan event,” Trend Rider
added. If history is any indicator, the current patterns could
spell a lucrative phase for Cardano holders, but as always in
crypto markets, caution remains a critical companion to enthusiasm.
Featured image from Biztech Africa, chart from TradingView.com
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