Following four years, a bullish chart pattern has emerged on the weekly timeframe and suggests that ADA bulls are getting ready for a massive Cardano price rally. Will this massive signal propel Cardano to hit as high as $3?
Dan Gambardello, a notable analyst in the Cardano community, shared this big Cardano weekly indicator in an X post on July 2. He said it is bullish as the market still awaits Fed rate cuts, ETF approvals, and developments on the Cardano blockchain.
He pointed out that the 50-MA has confirmed a cross above the 200-MA in the weekly chart. This is called a “golden cross” and signifies a potential change in trend to bullish.
The last time this bullish pattern formed, Cardano price rallied more than 1000% to hit an all-time high of $3.10. ADA price could rally again to this level, supported by massive trading volumes and positive developments related to Cardano.
One such development to support the massive uptrend has already happened. The U.S. SEC approved Grayscale’s Digital Large Cap Fund conversion into an ETF that contains Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, Solana (SOL), and Cardano (ADA).
Notably, Grayscale also filed to convert its Cardano Trust to ETF, tracking the spot ADA price. The SEC deadline to approve the ETF is in October, with Bloomberg analysts anticipating 90% odds of approval.
Cardano price rebounded to $0.558 following a 2% fall in the past 24 hours. The 24-hour low and high are $0.538 and $0.567, respectively. Furthermore, the trading volume has slightly decreased by 1% in the last 24 hours.
Also Read: Cardano Needs Executive Voice to Lead Bitcoin DeFi: Hoskinson
