ADA, ETH to Lead Altcoin Rally? Here’s What an Analyst Had to Say

• If Bitcoin’s dominance drops, bulls might push ETH’s price above $3,000.
• ADA could head toward $0.90 if bulls successfully break the $0.63 resistance.
• The analyst noted that the recent ADA and ETH rallies are only a little of what could come.

Dan Gambardello, a crypto analyst, has revealed that Cardano (ADA) and Ethereum (ETH) would trigger a full-blown altcoin season as soon as Bitcoin (BTC) dominance falls. Gambardello based his thesis on previous cycles where both cryptocurrencies registered notable increases before other altcoins joined the climb.

According to the crypto analyst, ETH would soon start outperforming BTC. He noted that when this happens, ADA would join before tokens like Ripple (XRP) and Solana (SOL) move. However, the analyst noted that Bitcoin has not yet slowed down its dominance.

Bitcoin Dominance Chart (Source: TradingView)

As such, the significant price increase ETH and ADA had recently was not confirmation that the altcoin season was here. At press time, ADA changed hands at $0.62, representing a 19.75% jump in the last 30 days.

ETH, on the other hand, has gotten close to $3,000. Recently, Bitcoin’s dominance hit 54.01% as the coin price inched toward $54,000. However, a price decrease has caused the dominance to drop to 53.23%. Should this ratio continue to slide, then ETH might lead the altcoin rally.

ADA Price Analysis

ADA is one of the top 10 tokens that has outperformed BTC in the last seven days. According to the 4-hour ADA/USD chart, bulls and bears were battling it out to determine ADA’s next direction.

Bulls were aiming at keeping ADA above the $0.63 resistance. If the attempt is successful, the Fibonacci extension showed that the price could rise to $0.90. However, if bears win the tussle, then ADA might break down to $0.58.

Furthermore, indications from the Relative Strength Index (RSI) signaled a decrease in buying momentum. If the RSI reading continues to fall, ADA might slip below $0.60. But a resurgence in buying pressure might propel the value above $0.68 in the short term.

ADA/USD 4-Hour Chart (Source: TradingView)

ETH Price Analysis

ETH bounced off the $2,753 support on February 17. As a result, the altcoin broke above the resistance at $2,849 one day later. However, the current momentum displayed by ETH showed that bulls’ dominance had decreased.

This was evident in the RSI reading which was once at 74.94. But as of this writing, it had fallen to 64.16. From a bearish perspective, ETH could slide to $2,636 which was another point of interest.

ETH/USD 4-Hour Chart (Source: TradingView)

However, if indications from the Moving Average Convergence Divergence (MACD) are correct, a rebound toward $3,000 could be next. But to achieve that, Bitcoin’s dominance has to fall as Gambardello mentioned.