The question of whether the rise will happen for the cryptocurrency ADA is a matter of curiosity. Despite the ongoing chaos in the market, some analysts say that the altcoin ADA’s rally phase is now a matter of time. Let’s note that there has been a rally of about 50% in ADA in the last 30 days. The main question here is whether ADA can surpass the key resistances it failed to break this year.
Is ADA Ready for a Price Rally?
Analyst and crypto Youtuber LuckSide Crypto points out that the price performance of the cryptocurrency ADA has lagged behind other cryptocurrencies. The analyst also assures investors that significant gains are on the horizon for ADA.
The analyst emphasized that the persistent attempts of the cryptocurrency ADA to overcome the challenging range of 40 to 41 cents throughout the year have been unsuccessful. The analyst also noted that this failure has brought downward pressure and caused the price to drop.
What Does the Monthly Chart Say for Cardano Coin?
As we can see on the monthly chart, altcoin ADA tried to surpass the 40 cent mark twice in November. This development actually occurred depending on market movements. Positive price movements in the market also affect ADA. The last time ADA surpassed the $0.40 level was in April.
The analyst drew parallels between BTC and ADA. He stated that if BTC manages to surpass the critical resistance of $38,000, ADA will also attempt to break important resistance levels. According to him, if Bitcoin surpasses the critical $38,000 resistance, ADA can embark on a journey towards the $0.50 levels.
Can ADA Break These Key Resistance Levels?
Analyst LuckSide is not the only one who has hopes for a rise in the altcoin ADA. Many analysts emphasize that the cryptocurrency ADA is in the “pre-bull” phase. Analysts expect a rally of 100% for ADA in the near future.
Dan Gambardello, the Founder of Crypto Capital Venture, is one of those hopeful. He not only expects a rally for ADA but also indicates that the all-time high will be surpassed. According to the analyst, ADA will reach a peak price of approximately $11. Gambardello also pointed out historical trends and stated that ADA experienced a significant price increase one year after the previous BTC Halving.