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Legendary merchant Peter Brandt He sparked interest in the cryptocurrency community with his recent predictions regarding Cardano (ADA). In a tweet, Brandt expressed his bullish outlook on the ninth-largest cryptocurrency by market cap: "Alternate season???? No doubt about it, Cardano (ADA) has hit the bottom of a major bull market."
Brandt The tweet suggests that ADA may have bottomed, signaling the potential start of a “major bull market” for the flagship cryptocurrency. The mention of “altcoin season” points to the possibility of a broader rise in alternative cryptocurrencies, which are referred to as altcoins.
Brandt's prediction of a major bull market for Cardano is based on his technical analysis of ADA price charts. Diversified traders often look for patterns and indicators that indicate a reversal in market trends.
In the chart accompanying the tweet, Brandt identified a “double base pattern” for Cardano’s price action, which was preceded by a descending triangle.
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Confirmation of the basic bullish double bottom pattern could push ADA price higher in the coming days. Positive momentum in the broader cryptocurrency market could provide a strong tailwind for ADA and other altcoins.
What's next for Cardano (ADA) price?
At the time of writing, Ada It has risen by 2.30% in the past 24 hours to $1.08 and by 20.44% in the past week.
Cardano started to recover as it rose above the 50-day simple moving average ($1.01). This rebound could extend to the third day in a row if taken from January 14. Both moving averages have stabilized; The RSI just above the midpoint indicates a slight advantage for the bulls.
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Buyers will have the upper hand on a break and close above $1.18. If that happens, ADA could rise to $1.33. Alternatively, if the price falls sharply from the daily 50 SMA, this may indicate that ADA may return to trading in its previous range for a while.
With Cardano hovering near the $1 mark, all eyes will be on Cardano to see if it can live up to Brandt's bullish expectations. If ADA enters a major bull market, it could see significant gains in the coming days.
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