- Cardano (ADA) surged 217% from September 2023 to March 2024, outperforming Bitcoin and the global crypto market despite ongoing struggles.
- Analyst Dan Gambardello predicts a potential 1,000% ADA rally against Bitcoin, based on a bullish divergence similar to 2020.
Cardano (ADA) has demonstrated remarkable resilience, even as it faces ongoing struggles. A recent analysis highlights ADA’s impressive performance during the latest bull run, revealing that it outperformed many top cryptocurrencies.
Cardano’s Strong Performance in Bull Markets
According to Cardano Whale, a well-respected figure in the Cardano community, ADA surged by an astonishing 217% from September 2023 to March 2024. This surge is noteworthy given that it outpaced Bitcoin (BTC) and the overall global crypto market during the same period. Specifically, Bitcoin saw a 184% increase, reaching $73,000, while the global crypto market grew by 164%. Despite this impressive rise, ADA remains significantly below its all-time high.
Cardano Whale shared a chart on the X platform that compared ADA to 18 top cryptocurrencies, using the Blooming Generic Price (BGN) metric to track price movements. The chart highlighted ADA’s significant gains during the early stages of the recent bull market, peaking at $0.8104. This performance underscores ADA’s potential to achieve strong growth in future bullish phases, as it has done in the past. From March 2020 to September 2021, ADA surged by 6,481%, compared to Bitcoin’s 709% increase during the same period.
The Long-Term View
Despite its strong performance in bull markets, ADA has experienced a sharp decline, dropping about 59% from its March peak. This decline has led to criticism and questions about ADA’s ability to maintain its early gains. However, Cardano Whale addressed these concerns by emphasizing the importance of long-term performance. He suggested that short-term price and market cap fluctuations can be manipulated easily and advocated for focusing on a project’s trajectory and proven track record. In traditional markets, assets don’t need to be top performers to be valuable, and Cardano’s consistent presence in the top 10 cryptocurrencies is a positive sign despite market fluctuations.
Analyst Predicts 1,000% ADA Rally Against Bitcoin
In a recent analysis, renowned crypto analyst Dan Gambardello predicted a potential 1,000% ADA rally against Bitcoin. He identified a bullish divergence similar to the one seen in 2020, which triggered a massive surge. Despite ADA’s current struggles, including a 7.57% loss in the last week, Gambardello remains optimistic. He pointed out that the ADA/BTC trading pair shows a clear bullish divergence, meaning while ADA’s price is making lower lows, indicators like the Relative Strength Index (RSI) are making higher lows.
Gambardello believes this divergence signals a potential price reversal. According to his analysis, the same pattern emerged in 2020 before ADA experienced a significant price jump. The current market setup mirrors that historical period, raising hopes of another massive rally. If history repeats itself, this potential breakout could see ADA reach a new all-time high.
Cardano (ADA) continues to show resilience and potential for significant gains, despite current market challenges. Its strong performance history and the optimistic predictions from analysts like Dan Gambardello suggest that ADA could experience another major rally. Investors and enthusiasts will be closely watching to see if ADA can achieve new heights in the coming months.
