It looks like Cardano might be gearing up for a major bull run, and the hype is all thanks to some insights from veteran trader and analyst Peter Brandt.
After hitting a local low of $0.80 in December, ADA has bounced back with a 34% gain over the last couple of weeks.
Coincidentally, that $0.80 level was also its peak back in March 2024, and it seems like ADA is holding strong, setting the stage for a potential uptrend.
We’re past the bottom, the way going up?
Brandt is feeling optimistic, declaring that ADA has officially bottomed out and is poised for what he calls a grand bull market.
He’s not just throwing around buzzwords, but pointing to some solid price action that often leads to explosive growth.
If ADA follows the classic bull flag pattern, we could see it grow to around $1.90, which is just a hop away from the $2 level, a sweet 72% increase.
Market makers in action?
Whales are agree with Brandt, as two major wallets holding between 100 million and 1 billion ADA have been on a buying spree lately, amassing about 9.4 billion ADA combined.
On the other hand, another group of whales with 10 million to 100 million coins has been selling off their stash.
This kind of activity can really shake things up in the market, and if those accumulating wallets keep it up, we might just see prices climb.
Medium term perspective for ADA’s price
Not so long ago, ADA hit a supply zone at $1.12, which could tempt some traders to cash in on their profits.
If that happens, we might see a little dip back down to around $1 before it tries to break through that zone again.
But don’t count ADA out, because if it can push past resistance levels, we could be looking at a price tag of $1.40 or even $1.50 soon.
On the trading front, things are looking pretty bullish on platforms like Binance, where traders are increasingly betting on ADA’s rise.
Long positions have jumped from 66% to 77%, and this is definitely a sign of confidence in this altcoin.
