A crypto analyst has identified an indicator that could suggest that Cardano’s (ADA) price is set to enjoy a parabolic move. This comes just as the altcoin led others as the top gainer in the last 24 hours.
ADA On The Way Up If This Happens
In a post on his X (formerly Twitter) platform, crypto analyst Tyler Strejilevich noted that ADA is about to get a bullish weekly cross for the first time since June 2020. The last time this happened, the crypto token was said to have climbed 6,000% in a period that lasted over a year.
This indicator seems to spell a very bullish momentum for ADA, as Strejilevich sounded very optimistic about the new heights ADA could attain if this happens. He went as far as labeling ADA potentially seeing a bullish weekly cross as “Big.” According to him, this isn’t something he doesn’t usually say, probably in a bid to amplify the magnitude of this happening.
ADA holders will be hoping that this happens as the crypto token needs all the momentum it can get, even as the bull run draws near. ADA has so far had some naysayers who believe that the token will underperform when the bull market returns. One of them happens to be crypto analyst Lady of Crypto, who once outlined five reasons for her stance.
Interestingly, one of the reasons she mentioned then was that Cardano was underperforming in terms of total value locked (TVL) on the network. Cardano was ranked in 15th position at the time in terms of the TVL on different chains. That has significantly changed as, at the time of writing, Cardano stands at 9th based on this metric.
That would suggest that liquidity is flowing into the Cardano ecosystem. It could also mean that many are more bullish on the network’s decentralized finance (DeFi) landscape, which has become one of its major selling points since after the last bull run.
ADA To Break Above $0.6?
ADA had hit $0.6 during its most recent rally. However, it faced strong resistance at that price level before it eventually cooled off. However, some predict that it won’t be long before it breaks above that resistance level. If that happens, crypto analyst Sebastian noted that the next resistance levels to keep an eye on are $0.66 and $0.75
In the meantime, Sebastian mentioned that a bit of consolidation would be “healthy” for ADA before it makes a run again. Considering that the crypto token has been rallying for some days now, this is highly expected.
At the time of writing, ADA is trading at around $0.59, up by over 24% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock
