Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.
Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano
Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020.
Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks.
A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025.
#ADA is about to get a bullish weekly cross for the first time since JUNE 2020
The last time this happened it pumped 6,000% over the next 66 weeks#cardano pic.twitter.com/xQvvbf3b1O
— Tyler Strejilevich (@TylerSCrypto) December 9, 2023
The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year.
ADA price continues to show strength | Source: ADAUSD on Tradingview.com
Current Bullish Performance Of ADA
Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts.
Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.
On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.
Featured image from Crypto News, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
