- Cardano (ADA) has showcased a 17% rally this week, breaking through significant barriers and aiming to surpass the 200-day Exponential Moving Average (EMA).
- Veteran trader Peter Brandt suggests the cryptocurrency market may not witness new all-time highs until Q3 2024, aligning ADA’s potential rise with Bitcoin’s market movements.
Navigating Cardano’s Current Trajectory
As the crypto market experiences a surge in activity, Cardano’s (ADA) price has been in sync, showcasing a considerable increase in the past few days. Despite this progress, ADA has a long journey ahead to reach new all-time highs, requiring a staggering 925% increase to break its previous record set in August 2021.
Technical Breakdown: Unraveling ADA’s Movement
The recent 17% weekly rally has catapulted ADA to $0.284, pushing it through crucial technical levels including the 50 and 100-day EMAs. The altcoin’s current aim is to convert the $0.298 resistance, closely associated with the 200-day EMA, into a support level. This would open doors for ADA to pursue the $0.300 mark.
Utilizing tools like the Directional Movement Index (DMI) and Average Directional Index (ADX), traders can gain insights into the trend’s direction and its strength. The current positioning of +DI above -DI indicates a bullish trend, while the ADX breaching 25.0 signifies a growing strength in this trend, further supporting ADA’s potential rise to $0.298.
Cardano’s Potential Highs: A Forecast into 2024
Veteran trader Peter Brandt’s insights bring a broader perspective, suggesting that while Bitcoin might have reached its bottom, new all-time highs across the cryptocurrency market are unlikely to occur until Q3 2024. Given Cardano’s historical alignment with Bitcoin’s price movements, ADA’s path to surpassing its $2.913 all-time high will likely be contingent on broader market conditions, including the anticipated Bitcoin halving and potential spot Bitcoin ETF approvals in the upcoming year.
Anyone who declares they know the future path of any market is a fool. Markets will ALWAYS surprise.
Yet, with this disclaimer, I believe:
1. The $BTC bottom is in
2. New ATHs not coming until Q3 2024
3. Chop fest in the meanwhile
I've used this blueprint for approx 2 years pic.twitter.com/hVt0zbTOsm
— Peter Brandt (@PeterLBrandt) October 25, 2023
In the interim, ADA’s immediate future seems promising with its bullish trend and the potential to break crucial resistance levels. However, for those eyeing new record highs, patience and a close eye on broader market developments will be key.
Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!