Cardano’s ADA is Set For a Potential Bull Run: Technical Analyst
Crypto technical analyst CryptoBusy thinks Cardano’s current price situation sets it up for a potential bull run. According to CryptoBusy, ADA has formed a large falling wedge from an all-time high (ATH) down to its current price.
#Cardano $ADA Massive Chart and Ecosystem Update: 🚨
The chart looks promising, forming a large falling wedge from its all-time high down to its current price.
As you may know, the transaction volume on the #Cardano blockchain has been growing, surging by 1,700% according to… pic.twitter.com/QUAiN16iFE
— CryptoBusy (@CryptoBusy) September 5, 2023
CryptoBusy posted on Twitter (X), using the ADA/USDT daily chart to explain Cardano’s price setup. The analyst revealed that Cardano has fallen deep into a buy zone, making it ideal for accumulation. He projects that the price would rally from this region and enter a HODL phase before climaxing at the top of the bull run. CryptoBusy predicts the bull run to terminate between the middle of 2024 and 2025.
According to the technical analyst, Cardano’s transaction volume has been growing. Data from Santiment, the market intelligence platform with on-chain and social metrics, showed that the transaction volume on the Cardano blockchain surged by 1,700%. CryptoBusy also highlighted that Cardano has outperformed several major projects in development activity. Some of the projects he mentioned include Hedera (HBAR), Chainlink (LINK), InternetComputer (ICP), Cosmos (ATOM), and MultiverseX (EGLD).
CryptoBusy noted that despite the delisting of ADA perpetual contracts by Binance on August 17, 2023, traders have not been discouraged from trading the digital asset. They utilize the quarterly futures contracts and the regular spot charts to carry out their trading activities. He thinks that the behavior of the traders neutralized the effect of the delisting on Cardano’s price last August.
CryptoBusy highlighted Charles Hoskinson’s recognition of the Cardano community’s role in the development of the blockchain project. In a shared video, Hoskinson noted that Cardano’s community is organic and has played a significant role in growing the project right from the early stages. The Cardano founder highlighted the need for more training for the majority of the Cardano community members who may need to understand some of Cardano’s products, including the incentivized testnet (ITN).