Cardano ADA News: Analyst Predicts Grand Bull Market as Bottom Is In

Veteran trader Peter Brandt has declared that Cardano (ADA) has reached its bottom and is poised for a significant upward movement, sparking optimism among investors. Brandt's analysis, based on the double-bottom base pattern observed over the past year, suggests that ADA is preparing for a 'grand bull market.' This technical indicator has historically signaled strong price recoveries, and Brandt's endorsement has brought renewed attention to Cardano's potential. As the cryptocurrency market continues to evolve, ADA's recent developments and technical patterns make it a key asset to watch in the coming months.

‘Grand Bull Market’ For Cardano? Analyst Declares The Bottom Is In

Veteran trader Peter Brandt has suggested that Cardano (ADA) has “bottomed” and is preparing for a “grand bull market,” which has brought the cryptocurrency into the limelight. Brandt’s analysis, which carries weight in trading circles, has elicited enthusiasm among investors in ADA. The technical basis of Brandt’s analysis is the so-called double-bottom base. This base, which has been sustained for the past year, points to a possible change from a bearish to a positive direction. ADA lately exceeded its local high of $0.81, a crucial level now used as a support zone. For traders, this is a very important sign of resilience. Brandt is of the opinion that this pattern establishes the foundation for a consistent upward trajectory. He observes that the cryptocurrency is currently consolidating and could be gearing up for a significant upward movement.

Cardano (ADA) Poised for a Grand Bull Run, Says Peter Brandt

Renowned trader and analyst Peter Brandt has indicated that Cardano (ADA) may be on the verge of a significant bull run. Brandt's analysis suggests that ADA has successfully defended its March 2024 peak, establishing it as a local bottom. This defense has led to a 34% recovery gain over the past two weeks, leveraging the $0.8 support level. Brandt's observation that ADA has bottomed out for a grand bull market is supported by the altcoin's consolidation above a previous price peak, a pattern that typically triggers substantial upward momentum. Additionally, strong whale accumulation is noted as a potential catalyst for ADA's next bull run.

Cardano (ADA) Price Prediction For January 17

Cardano (ADA) has been showing significant growth, currently trading around $1.12 with daily highs and lows of $1.14 and $1.06 respectively. Over the past week, ADA has surged by nearly 24%, and it has seen a 6.5% increase over the last month. Yearly, Cardano's price has more than doubled, marking a 113% increase, indicating strong market performance. Technically, ADA is exhibiting bullish signals with its 50-day moving average on the rise, suggesting a strong short-term upward trend. Notably, the 200-day moving average has crossed above the 50-day moving average, forming a 'golden cross', a positive indicator in technical analysis.

Cardano – Mapping ADA’s road to $1.40 on the charts

Cardano (ADA) has recently broken out of a bullish flag pattern on the daily timeframe, signaling potential for further gains. At press time, ADA was trading at $1.12, reflecting a 7.11% increase over the last 24 hours. The chart shows additional bullish patterns, such as a cup-and-handle and an inverted head-and-shoulders formation, supporting the possibility of an extended rally. If ADA surpasses the $1.20 resistance level, it could target $1.40, a key psychological milestone. Market sentiment and rising active addresses reinforce ADA’s bullish momentum and sustained growth.