Crypto Analyst Says Cardano “Ready For A Parabolic Bull Run,” Here’s Why

An
analyst
has
explained
how,
if
the
historical
pattern
followed
by
the
ADA
price
is
to
be
believed,
Cardano
seems
ready
to
go
on
a
parabolic
bull
run.

Cardano
May
Be
Set
For
A
Bull
Run
Based
On
Historical
Trends

In
a
new

post
on
X,
analyst
Ali
Martinez
has
discussed
what
hints
history
may
contain
regarding
where
ADA’s
price
would
go
next
from
here.
First,
here
is
a
chart
shared
by
the
analyst
that
shows
the
trend
the
cryptocurrency
followed
back
in
2019:

The pattern that the price of the asset followed a few years back | Source: @ali_charts on X

From
the
graph,
it’s
visible
that
the
asset
had
first
consolidated
inside
a
parallel
channel
during
this
period.
A
“parallel
channel”
in
technical
analysis
(TA)
refers
to
the
region
bounded
by
two
parallel
trend
lines.

The
upper
line
of
the
pattern
connects
the
tops
in
the
price,
while
the
lower
one
joins
the
bottoms.
When
consolidating
inside
the
channel,
the
price
is
probable
to
find
resistance
at
the
upper
end
and
support
at
the
lower
one.

A
break
out
of
either
of
these
lines
can
imply
a
continuation
of
the
trend
in
that
direction.
As
is
visible
in
the
chart,
ADA
managed
to
break
out
of
this
past
parallel
channel
with
a
75%
surge.
The
asset
then
followed
this
rally
up
with
a
correction
of
around
56%
before
finally
lifting
off
into
a
massive
4,095%

bull
run.

Interestingly,
just
like
in
2019,
Cardano
was
stuck
inside
a
similar
parallel
channel
in
2023.
The
chart
below
shows
this
recent
pattern
for
the
cryptocurrency.

Looks like the price of the asset recently broke out of its parallel channel | Source: @ali_charts on X

As
displayed
in
the
graph,
Cardano
broke
out
of
this
latest
parallel
channel
a
while
ago,
this
time
with
a
rally
of
around
72%.
Recently,
though,
the
asset
has
lost
this
bullish
momentum,
as
it
has
seen
a
drawdown
of
50%.
According
to
the
analyst,
however,
this
can,
in
fact,
set
the
stage
for
a
new
bull
run.

History
doesn’t
repeat
itself,
but
it
often
rhymes!
If
that
is
the
case
for
Cardano,
we
should
be
positioning
ourselves
for
what’s
coming,
understanding
that
the
recent
price
correction
might
just
be
one
of
the
last
buy-the-dip
opportunities
ADA
will
give
you.

It
now
remains
to
be
seen
whether
ADA
will
repeat
the
pattern
from
the
last
bull
run
or
not.
This
is
more
about
the
long-term
view,
though,
so
where
might
the
asset
go
in
the
short
term?
This
may
be
answered
by
a
signal
that
the
analyst
has
shared
in
another
X
post.

The TD Sequential signal that the ADA price has formed recently | Source: @ali_charts on X

As
Martinez
explains:

The
TD
Sequential,
which
timed
the
Cardano
top,
now
presents
a
buy
signal
on
the
ADA
daily
chart.
It
anticipates
a
one
to
four
daily
candlesticks
rebound
that
could
put
an
end
to
the
ADA
corrective
phase.

ADA
Price

At
the
time
of
writing,
Cardano
is
trading
around
$0.464,
down
3%
over
the
past
week.

The price of the coin seems to have observed a sharp plunge over the past month | Source: ADAUSD on TradingView

Featured
image
from
Shutterstock.com,
charts
from
TradingView.com

Disclaimer:
The
article
is
provided
for
educational
purposes
only.
It
does
not
represent
the
opinions
of
NewsBTC
on
whether
to
buy,
sell
or
hold
any
investments
and
naturally
investing
carries
risks.
You
are
advised
to
conduct
your
own
research
before
making
any
investment
decisions.
Use
information
provided
on
this
website
entirely
at
your
own
risk.