- Cardano is currently in the “Told you. You should’ve listened” phase of its bull cycle.
- Analyst Dan Gambardello believes that a new all-time high will soon be printed.
- ADA is up by more than 5% in the past 24 hours.
Cardano (ADA) is poised for a major rally, according to crypto analyst Dan Gambardello, founder of Crypto Capital Venture.
In a post on social media platform X (formerly Twitter), Gambardello highlighted the five stages of a Cardano bull cycle which starts with “Cardano down, fun while it lasted” followed by “Tech does nothing, just a bull trap.”
According to the crypto analyst, ADA token is currently in the third step of this cycle which he describes as “Told you. You should’ve listened” and is followed by “Here we go again, another bull trap.” The final step in the Cardano bull cycle as per Gambardello is “All-time highs shattered!”
Read also: Why Cardano (ADA) Could Be the Next Big Thing in Crypto: A Bull’s Perspective
Gambardello has been a huge Cardano bull and believes that the digital asset will soon print a new all-time high. The current all-time high of ADA is $3.10 witnessed three years ago in September 2021. The altcoin is down 88.53% from its all-time high but several notable events including the Chang hardfork and the drafting of the Cardano Constitution might turn ADA bullish.
Cardano Skyrockets 5%
The price of the ADA token skyrocketed 5% in the past 24 hours with the altcoin currently trading at $0.3552, up 10.33% in the past week and 5.34% in the last 30 days. Further, the price of the cryptocurrency is up 43.91% since September 2023. Meanwhile, the accumulation of ADA has once again started to climb up, as seen in the chart provided by TradingView below.
The Relative Strength Index (RSI) for ADA reads 53.88 which means that the bulls are back in charge of the cryptocurrency’s price action and there are chances of higher highs in the short term. The gradient of the line also suggests that the demand for the ADA coin is rising swiftly amid a recovering market.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/cardano-bull-cycle-analyst-outlines-5-stages-to-all-time-high/