- ADA spiked by 5.1% to $0.5158 with a 5% market cap increase despite lower trading volume.
- Cardano’s current cycle echoes a past trend, possibly continuing until April 15, 2024.
- ADA might trend upward, but the SEC’s Bitcoin ETF decision could swiftly alter its trajectory along with other altcoins.
Cardano (ADA) has sparked enthusiasm among investors as it charts a trajectory reminiscent of previous bullish cycles, indicating the possibility of a significant surge in the near future.
Over the past week, ADA catapulted from a low of $0.4753 to its current standing at $0.5158, marking a notable 5.1% uptick within 24 hours. Although the trading volume experienced a slight dip of 3.72%, the market capitalization surged by 5%, accentuating a promising trend for Cardano.
A market analyst draws intriguing parallels between Cardano’s current price action and the patterns witnessed during the 2018 to 2020 market era. Notably, during that phase, ADA navigated through a prolonged consolidation period, fluctuating between $0.028 and $0.1495 over a span of approximately 665 days before experiencing a substantial breakout.
Presently, Cardano mirrors this historical pattern, oscillating between a low of around $0.2353 and a high of $0.5989. Interestingly, the projected completion of the 665-day cycle aligns with April 15, 2024, suggesting a potential continuation of consolidation until that pivotal juncture.
Analysts posit that while this consolidation phase might persist, the prospects for an upward trajectory appear substantial post-April 2024. However, market dynamics could swiftly alter this trajectory. The potential approval of a Bitcoin Exchange Traded Fund (ETF) by the SEC looms as a pivotal catalyst, likely impacting Cardano and other correlated altcoins.
