Veteran trader Peter Brandt has commented on Cardano (ADA), suggesting the cryptocurrency may soon experience a significant price increase.
Peter Brandt's Prediction
Peter Brandt expressed optimism for Cardano, stating on Twitter that ADA has bottomed and is ready for a major bull run. The mention of 'alt season' suggests the potential for a broader rally in alternative cryptocurrencies, or 'altcoins'.
ADA Technical Analysis
Brandt's prediction is based on his technical analysis of ADA's price charts. In an accompanying chart, he identifies a 'double bottom base pattern', a pattern that often signals a bullish market. The upward price movement for ADA may be supported by overall positive momentum in the crypto market.
Future of Cardano's Price
At the time of writing, Cardano had risen 2.30% in the last 24 hours and 20.44% in the past week. If ADA breaks the $1.18 resistance level, it may rise to $1.33. However, a sharp decline from the 50-day moving average could indicate a prolonged period of consolidation.
Market participants are closely watching Cardano to see if Peter Brandt's bullish prediction will come true. Should ADA enter a bull market, the cryptocurrency may see substantial gains.
