Cardano Shows Parallels to Past Bull Runs, Hinting Potential Surge

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.

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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.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.