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Legendary Trader Peter Brandt has sparked interest in the cryptocurrency community with his recent prediction on Cardano (ADA). In a tweet, Brandt expressed his bullish outlook on the ninth largest cryptocurrency by market capitalization: "Alt season???? Make no doubt about it, Cardano (ADA) has bottomed for a grand bull market."
Brandt’s tweet implies that ADA might have bottomed, signaling the potential start of a "grand bull market" for the major cryptocurrency. The mention of "alt season" hints at the possibility of a broader rally in alternative cryptocurrencies, referred to as altcoins.
Brandt's prediction of a grand bull market for Cardano is based on his technical analysis of ADA's price charts. Versatile traders often look out for patterns and indicators that signal a reversal in market trends.
In a chart accompanying the tweet, Brandt identified a "double bottom base pattern" for the Cardano price action, which was preceded by a descending triangle.
Tomiwabold OlajideThe confirmation of a bullish double-bottom base pattern could drive ADA's price higher in the coming days. Positive momentum on the broader crypto market could provide a strong tailwind for ADA and other altcoins.
What's next for Cardano's (ADA) price?
At the time of writing, ADA was up 2.30% in the last 24 hours to $1.08 and up 20.44% in the past week.
Cardano started a recovery that has risen above the 50-day SMA ($1.01). This rebound might extend into the third straight day if taken from Jan. 14. Both moving averages have flattened out; the RSI just above the midpoint suggests a slight edge to the bulls.
Buyers will gain the upper hand on a break and close above the $1.18 level. If that happens, ADA may rise to $1.33. Alternatively, if the price turns down sharply from the daily SMA 50, it might suggest that ADA may return to trade in its prior range for a while.
As Cardano hovers near the $1 mark, all eyes will be on Cardano to see if it can live up to Brandt's bullish prediction. If ADA does enter a grand bull market, it could see substantial gains in the days ahead.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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