Cardano

2024

Parabolic

<ul>
 <li><strong>Cardano (ADA) is down 85.5% from its ATH of $3.10.</strong></li>
 <li><strong>Analysts predict a price correction for ADA if patterns from 2019 repeat.</strong></li>
</ul>
<p>Cardano (ADA), the tenth-largest cryptocurrency by market cap, continues to trade in the bearish zone — down by 22% over the past 30 days.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="461" src="https://thenewscrypto.com/wp-content/uploads/2024/05/ADAUSDT_2024-05-03_13-09-53-1024x461.png" alt="" class="wp-image-97475" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/ADAUSDT_2024-05-03_13-09-53-1024x461.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/ADAUSDT_2024-05-03_13-09-53-300x135.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/ADAUSDT_2024-05-03_13-09-53-768x346.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/ADAUSDT_2024-05-03_13-09-53-1536x691.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/05/ADAUSDT_2024-05-03_13-09-53.png 1915w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>ADA/USDT 4H Price Chart (Source: <a href="https://in.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)</em>
  </figcaption>
 </figure>
</div>
<p>On the 4-hour chart, the RSI (relative strength index) hovers close to the neutral zone, indicated by its reading of 55.4. Meanwhile, the MACD (moving average convergence/divergence) has formed a positive histogram as the 12-day moving average (MA) crossed above the 26-day MA. This suggests that a possible short-term momentum may be shifting in favor of traders.</p>
<p>According to CoinMarketCap data, the current price of ADA was $0.4574 with a short uptick of 0.21% over the past 24 hours. A circulating supply of 36.84 billion ADA holds together a cap of $16.3 billion in the market.</p>
<h3 class="wp-block-heading" id="h-bullish-forecast-for-cardano-ada-has-surfaced">Bullish Forecast for Cardano (ADA) Has Surfaced?</h3>
<p>Amidst this intense bearish period, a contradictory prediction emerges regarding Cardano. The most-followed crypto analyst, known as Ali Charts, highlights in his recent <a href="https://x.com/ali_charts/status/1786323540045668405" target="_blank" rel="noopener noreferrer nofollow">post</a> the possibility of a parabolic bull run for ADA. He draws attention to the pattern exhibited by ADA during the 2019 market. During that phase, ADA went through three sub-segments — a brief surge after a consolidation phase, price correction, and skyrocketing rally followed by a bull run.</p>
<div align="centric">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">In 2019, <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> consolidated within a parallel channel, signaling an end to the bear market.<br><br>Following the stagnant phase, <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> broke out of the channel with a 75% surge, then underwent a 56% price correction, setting the stage for an impressive 4,095% bull run. <a href="https://t.co/5C3GIHEvGp" rel="noopener noreferrer nofollow">pic.twitter.com/5C3GIHEvGp</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1786323542411280414?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>In addition to this, he also <a href="https://twitter.com/ali_charts/status/1786323545510809613/photo/1" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> a similar pattern observed in 2023. According to his analysis, Cardano has recently undergone a price correction phase and is now presenting investors with ‘buy the dip’ opportunities. If ADA mimics the pattern, there might be changes for the altcoin to onboard an uptrend, as forecasted by Ali.</p>
<p><em>Disclaimer: Any information contained in this article is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this article.</em></p>

Cardano (ADA) Ready to Surge in Parabolic Bull Run: Analyst Predicts

Table of Contents

TheNewsCrypto

Other articles published on May 3, 2024

Here Is Why Buying Altcoins Now Is a Good Idea

Upbit Listing for ZETA and OMNI Leads Up to 40% Price Rally

Clear Street Boosts Prime Brokerage Division with Key Hires: Impact on Bitcoin (BTC) and Ethereum...

Bitcoin ETF Mania Drives Record Growth Across Coinbase's Platforms, CEO Brian Armstrong Notes 'We...

SEC Postpones Decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

Logos inscribed its manifesto on the largest Bitcoin Block

Join our free newsletter for daily crypto updates!