Cardano (ADA) has been at the forefront of discussions in the cryptocurrency market recently, thanks to its strong bullish signals, especially with the start of the fourth quarter.
Analyst Comments on ADA
In the rapidly changing altcoin environment at the beginning of October, ADA has displayed an extraordinary performance that has caught the attention of both investors and analysts. The eighth largest cryptocurrency is trading at around $0.2664 after experiencing a slight increase of over 5% in the last 24 hours.
One of the factors that has attracted the attention of investors in the popular cryptocurrency is the emergence of a technical indicator and an upward breakout from the descending triangle formation. Historical data indicates a reversal of the upward trend formation, which could indicate that Cardano is entering a phase of bullish momentum.
Cardano has shown signs of acceleration since the breakout on September 28, further increasing optimism about the upward trend. Analyst Trend Rider recently commented on the situation of ADA, expressing strong optimism with the following tweet:
ADA is one of my favorites and looks ready to explode.
According to the analyst, Cardano found support around $0.2425 and has had multiple rebounds in line with previous bullish signals. The analyst also highlighted a positive signal shown by a strong weekly bullish candle, which has a historical accuracy rate of 67% in predicting upward movements. Additionally, attention was drawn to a short-term oscillator indicator suggesting a possible upward movement. The analyst stated:
In the short term, the 4-hour oscillator seems to want to explode, you can see how it was rejected from here in the past, if it turns green, then it means it’s ready to go.
Price Outlook for Cardano
Another cryptocurrency analyst, Dan Gambriello, discussed the importance of Cardano’s cycles compared to Ethereum‘s cycles, believing that Cardano is on its way to becoming a tough competitor to Ethereum due to its focus on solving scalability, security, and decentralization. He emphasized that despite the critics, Cardano has maintained its position among the top five cryptocurrencies, excluding stablecoins, signaling its resilience and potential. As Cardano continues to draw a higher graph with the indicated patterns, expectations are high for a significant breakthrough. In particular, surpassing the $0.30 resistance level is seen as the medium-term goal on the horizon, with sights set on the wider $0.40-$0.42 resistance range.
