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Home»TRADING NEWS»Cardano (ADA) Prints ‘Undeniable Bull Market’ Signal: Cryptocurrency Analyst
TRADING NEWS

Cardano (ADA) Prints ‘Undeniable Bull Market’ Signal: Cryptocurrency Analyst

By Crypto FlexsApril 12, 20244 Mins Read
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Cardano (ADA) Prints ‘Undeniable Bull Market’ Signal: Cryptocurrency Analyst
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Cardano (ADA) price has been on a downward trend in recent weeks. Since peaking at a 23-month high of $0.808 on March 11, the price of ADA has fallen more than 28% and currently sits just below $0.60. In particular, Cardano performed poorly compared to its competitors, falling to 10th place among the largest cryptocurrencies by market capitalization.

However, a cryptocurrency analyst known as X’s Trend Rider (@TrendRidersTR) said: declare ADA is showing clear signs of strength based on technical analysis of the relative strength index (RSI) and simple moving average (SMA) crossover.

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How this affects Cardano price

According to Trend Rider’s recent post on

“ADA’s undeniable bull market is here,” the analyst said. This is reminiscent of the second RSI intersection in history when the price jumped from $0.05 to $3. This rare event, which indicates a potential trend change when the RSI crosses the SMA, perfectly predicted past cycle changes at an early stage.”

The analysis presented by Trend Rider focuses on the intersection of RSI, a momentum oscillator that measures the speed and change in price movement, and SMA, a common trading signal interpreted as a potential bullish or bearish market indicator.

Cardano Price AnalysisCardano Price Analysis
Cardano price analysis | Source: X @TrendRidersTR

This post details three important steps in Cardano’s recent market activity. The first crossover occurred shortly after the onset of the COVID-19 pandemic when ADA was trading at $0.19, with a significant price increase following the crossover event.

Toward the end of the 2021 bull market, a bearish crossover occurred that signaled a prolonged bear market. “Notice how perfectly the bearish crossover predicted a bear market. This is a very strong validation of this indicator. ADA is very suitable for predicting long-term cycles,” says the analyst.

The second bullish crossover between RSI and SMA occurred in October and November 2023. This event added credibility to the indicator’s reliability in predicting long-term market trends, having initially faced a market rejection several months earlier.

Trend Rider concludes, “RSI and SMA crossovers are very reliable sources for identifying ADA bull and bear markets at an early stage.” This analysis suggests that Cardano is currently entering a bull market phase, reinforcing our bullish outlook for ADA.

Moreover, the analyst cautioned that the one-month chart reflects the macro view of holders. “Each candle represents one month, so you can expect tremendous volatility within each candle.” He also warned about the risks inherent in cryptocurrency investing, pointing out the importance of a personalized investment strategy to navigate potential market volatility and unexpected events, often referred to as ‘black swan’ events.

“Very Important: Personally, these macro charts help me see the bigger picture, but I always use my own process to secure returns and protect myself from black swan events,” Trend Rider added.

If history is any indicator, the current pattern could usher in a profitable phase for Cardano holders, but as always in the cryptocurrency market, caution remains an important companion to enthusiasm.

Featured image from Biztech Africa, chart from TradingView.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Source: NewsBTC.com

Cryptocurrency Investment Risk Warning

Cryptocurrency assets are highly volatile. Your capital is at risk.
Don’t invest unless you are prepared to lose all your money.
This is a high-risk investment and you should not expect to be protected if something goes wrong.

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