Is Cardano About to Skyrocket? Analyst Claims the Bottom is Finally Here!

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Experienced trader Peter Brandt posits that Cardano (ADA) could be experiencing a significant price floor and gearing up for a major bullish market surge, drawing attention to this digital currency. This analysis, highly respected within trading communities, has sparked excitement among those who hold ADA as an investment.

A Sequence Of Reversals

According to Brandt’s analysis method, the foundation lies in what’s known as the double-bottom pattern, which has held steady for about a year. This could suggest a potential shift from a bearish trend to a bullish one. Recently, ADA surpassed its local high of $0.81, a significant level that now serves as a support area. For traders, this exceeding is an important indication of strength.

According to Brandt’s analysis, this pattern sets the groundwork for a steady rise in price. He notes that the cryptocurrency is currently holding steady above $1.10, a level that was previously a barrier for growth. If this level shifts to become a support, it could mark the start of significant price surges.

It’s quite clear that the downward trend for Cardano ($ADAUSD) has ended and we are now entering an extended period of growth.

— Peter Brandt (@PeterLBrandt) January 16, 2025

Momentum Of The Present Market

As of January 17, 2025, ADA is being traded at $1.13. Its highest point during the day was $1.14, while the lowest was $1.03. These figures might seem small, but they align well with Brandt’s positive forecast. The rising price pattern suggests that investors closely following ADA’s progress are optimistic about the altcoin’s future direction, reflecting confidence in the market.

The general mood in the crypto market also plays a part. With conversations about “altcoin seasons” increasing, there’s more curiosity towards alternative coins such as ADA. This widespread optimism often results in higher price fluctuations for individual cryptocurrencies.

Paying attention to areas of support and resistance strongly emphasizes the role of technical analysis in deciphering patterns within the world of cryptocurrencies. The significance that Brandt places on these levels lends a degree of reliability to his optimistic projections.


Breaking Resistance Levels

Cardano’s talent for flipping resistance levels into support points has been instrumental in its price trajectory. To start with, surpassing the $0.81 mark was crucial. Now, the challenge lies in sustaining the price above $1.10. If this level is sustained over the next few months, ADA could aim for more ambitious targets.

Broader Implications For ADA

According to Peter Brandt’s identification of a double-bottom pattern, Cardano (ADA) could potentially have a promising future ahead. Since ADA is currently consolidating above crucial support levels and the broader market is in an uptrend, there might be signs of an impending significant bull run for this altcoin. However, it’s essential to exercise caution and stay informed, as the overall market can be unpredictable at times.

Cardano (ADA) Price Growth Catalyst

Currently, a factor that could drive up Cardano’s price is the possible approval of exchange-traded funds (ETFs) by the United States Securities and Exchange Commission.

Traders on the Polymarket platform expect that the Securities and Exchange Commission (SEC) will grant approval for numerous Exchange-Traded Funds (ETFs) based on XRP and Solana. Based on predictions from analysts, vast amounts of money are expected to pour into these funds once they receive the go-ahead.

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2025-01-17 12:06