- Cardano’s current price action mirrors the start of its 2021 bull run.
- If history repeats, ADA could see a parabolic surge similar to the 800% pump in 2021.
- The growing dApp ecosystem and community contribute to ADA’s positive outlook.
Cardano’s ADA is possibly on the verge of a parabolic price surge, based on historical patterns. Technical analysis reveals striking similarities to the onset of the last bull market cycle in February 2021, prompting speculation about a potential significant price appreciation.
Back in February 2021, Cardano rallied for the first time, surging by a remarkable 800%. This is marked by a series of prominent green candles on the chart. At present, ADA’s price action displays patterns reminiscent of that period, raising hopes among investors and traders that history could repeat itself.
ADA’s price chart closed in with a green (bullish) candle, reinforcing the “insane bounce” highlighted by the analyst. The Relative Strength Index (RSI), a momentum indicator that measures the speed and change of price movements, is on the “daily briefly hits oversold and resets nicely.”
This meant that the RSI has now moved back above the oversold threshold after briefly entering the oversold territory. This “reset” suggests that the price is no longer considered oversold and could have further room to rise. The expert expresses strong optimism about ADA’s price performance in the coming weeks
The timing of this potential surge aligns with positive developments in the Cardano ecosystem. The network has seen increased activity with the growth of decentralized applications (dApps) and a thriving community actively contributing to its development.
Cardano ETP Listed on Nasdaq Helsinki
In other news, Virtune, a Swedish-regulated digital asset manager and issuer of crypto exchange-traded products, today announced the listing of Virtune Staked Cardano ETP on Nasdaq Helsinki.
As per the press release, the ETP provides exposure to Cardano combined with the benefits of staking rewards. Like all of Virtune’s exchange-traded products, Virtune Staked Cardano ETP is 100% physically backed and fully collateralized, is denominated in EUR for Finnish investors and is available through brokers and banks such as Nordnet.
1:1 exposure to Cardano with 2% extra annual return through staking rewards. Staking rewards are added continuously and reflected in the daily price of the ETP. 100% physically backed by ADA. 1.49% annual management fee.
