Cardano (ADA) Goes 15 Percent Up – Here’s What Analysts Expect
It has been a powerful two past days for the cryptocurrency market, but more so for Cardano (ADA). After Bitcoin started its 5 percent rally from its low levels, ADA price has increased by 15 percent in the past 24 hours and even more in the past 48 hours.
This makes it the best-performing crypto asset in the top 100 throughout the past 24 hours, as per data collected by CoinGecko.
Cardano Could Continue to Rally
Cardano could keep up its rally, several experts have recently stated. Ali Martinez, a crypto-asset analyst, posted the chart below on September 22nd – the chart shows that at the time, ADA painted a Tom Denmark Sequential ‘red 9’ candle, implying it has room to rebound to the upside.
ADA’s price action over the past few weeks. [Image Source: TradingView]
Santiment, a blockchain analytics company reiterated this information. The startup reported on September 25th and emphasized that the ongoing rallies in Chainlink (LINK) and Cardano are being underpinned by an uptrend in address activity and the amount of the tokens in circulation.
“$LINK and $ADA have headlined a big bounce-back day for #crypto, coming at a time when many have been historically bearish on the #crypto markets. High token circulation & address activity seem to have foreshadowed this since yesterday’s market close,” the blockchain analytics provider said.
The Focus is on Bitcoin
While Cardano by itself may be expected to move higher, Bitcoin is more likely to dominate and lead the direction ADA will take when moving forward. Analysts are bullish about Bitcoin as several trends match each other.
Willy Woo, an on-chain analyst, has recently stated: “Overall, I’m not expecting any mega dump, some chance of smaller whipsaws in the short timeframes, resistance is teetering. Not a bad time to get in if you’re a spot investor, given the longer-range macro. There’s plenty of buy support below 10K; this is a buy the dip scenario.”
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.