For the crypto market, especially Cardano, the past two days have been strong. After Bitcoin's 5% rally from its lows, ADA has gained 15% in the past 24 hours and even more in the past 48 hours. According to CoinGecko, it is the cryptocurrency with the best performance in the top 100 in the last 24 hours.
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Cardano could rally continue: on-chain analysis and technical signals
Cardano could continue its rally, several analysts recently suggested.
Ali Martinez, a crypto asset analyst, Posted the graphic below on September 22nd. It shows that ADA was printing a Tom Demark Sequential "red 9" candle at the time, suggesting that there is room to recover.
Chart of ADA's price action over the past few weeks with analysis by crypto trader Ali Martinez.
This has been confirmed by Santiment, a blockchain analytics company.
The start reported on September 25th that the ongoing rallies in Chainlink and Cardano are underpinned by an increase in address activity and the number of tokens in circulation:
“$ LINK and $ ADA ushered in a big boom day for #crypto at a time when many in the #crypto markets were historically bearish. A high token circulation and address activity seem to have indicated this since yesterday's market close. "
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All eyes on Bitcoin
While Cardano in and of itself could be prepared to move higher, Bitcoin will likely dictate the direction of ADA moving forward.
Analysts are optimistic about Bitcoin as a number of trends converge. Willy Woo, an on-chain analyst, recently wrote:
"Overall, I'm not expecting a mega-dump, a chance for minor whip saws in the short periods of time resistance fluctuates. Given the larger-range macro, this is not a bad time to jump in if you are a spot investor. Below 10,000 there is ample buying support This is a buy-the-dip scenario. "
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Featured Image from Shutterstock Price tags: adausd, adabtc Charts from TradingView.com Cardano (ADA) Surges 15% Higher: Here's What Analysts Think Comes Next