Cardano (ADA), a perennial subject of speculative fervour, has once again seized the spotlight in the cryptocurrency sphere following a bold prediction from analyst Tyler Strejilevich. Strejilevich, a reputable figure known for his astute market analysis, recently unveiled via his official X page (formerly Twitter) the resurgence of a bullish trend reminiscent of a historical ADA price surge.
The Resurfacing of a Remarkable Trend
The crux of Strejilevich’s assertion centres on the reappearance of a bullish weekly cross, echoing patterns witnessed in June 2020 when ADA soared by an astonishing 6,000%. His latest revelation has set the stage for fervent anticipation among cryptocurrency enthusiasts, hinting at a potential meteoric rise in ADA’s value.
Strejilevich’s analysis highlights ADA’s historical connection with the emergence of a bullish weekly cross, a pattern that previously triggered an extended period of upward momentum lasting over a year. A similar trend’s imminent appearance has sparked stakeholders’ curiosity, speculating whether ADA might replicate its previous surge.
With ADA currently trading at $0.63, Strejilevich’s prediction suggests a staggering 6,000% surge, potentially propelling ADA’s value to approximately $33.55, eclipsing its previous all-time high of $3.09.
Cardano Green Candle Rally Outpaces Top Cryptos
In a striking display of resilience, ADA surged over 41% as it entered this week’s crypto market fray. Despite a recent correction that led ADA to lose more than 17% of its value, the digital asset is staging a remarkable comeback.
The swift rebound showcases Cardano’s attractiveness to investors and traders, outpacing its key counterparts in the top 10 cryptocurrencies. This surge follows a broader market correction, underscoring ADA’s momentum.
One noteworthy development during this rally is the significant data on liquidations provided by CoinGlass. Bearish traders holding short positions on Cardano faced market bullishness, with total liquidations on these positions exceeding $1.23 million, constituting 2.5% of all market liquidations.
December has proven euphoric for Cardano enthusiasts, marking its most successful month in seven years. ADA remains a compelling asset despite recent fluctuations, boasting a 70% surge since the month’s start.
However, the question looms: will Cardano’s rally sustain its upward trajectory, or is this surge a prelude to a potential downtrend? As the ADA community watches, the token stands as both an enticing prospect and a subject of speculation for investors.