Analyst Crypto Capital Venture recently shared about the current state of the cryptocurrency market, mainly focusing on Bitcoin and Cardano (ADA). With Bitcoin surging above $60,000, there’s growing scrutiny over ADA’s price, currently trading around 65 cents.
The analyst delved into historical comparisons, noting that during the previous bull run, Bitcoin soared to $66,000 while ADA was valued above $1. Drawing parallels with Ethereum’s past performance, he explained that altcoins often lag behind Bitcoin during the initial phase of a bull market. He explained Ethereum’s history of catching up after significant dips during previous cycles, suggesting that ADA might follow a similar trajectory.
What Next Cardano (ADA) Price?
Despite ADA’s recent decline, the analyst remained optimistic, pointing out that it’s not unusual for altcoins to experience temporary setbacks. He emphasized that ADA’s current price range aligns with expectations for this stage of the market cycle, indicating that it could be gearing up for a potential rally.
Additionally, the analyst discussed a bullish indicator observed on the weekly ADA chart, suggesting a possible uptrend soon. He compared the current market conditions to previous cycles, particularly focusing on key indicators triggering significant price movements.
He said he was waiting for a special signal called the “break of structure” indicator. It’s a bit like a signpost that shows when things are changing for the better in the market. He mentioned how this indicator was important in the past, especially around December 2020, just after Bitcoin had a big breakthrough.
Although the break of structure triggered excitement initially, ADA experienced a temporary pullback, leading to consolidation in the short term. However, despite the indicator disappearing momentarily on the weekly chart, the analyst noted a similar setup to the previous cycle, particularly observing the change of character indicator.
Source:coinpedia.org
