As a researcher with years of experience in the cryptocurrency market, I must admit that the recent decline in ADA‘s value has certainly raised some concerns. However, upon closer examination of Dan Gambardello’s analysis and the bullish divergence he points out, I find myself intrigued rather than deterred.
Over the past week, the native currency of the Cardano blockchain, ADA, has dropped approximately 12% in value. This downturn coincides with a broader cryptocurrency market dip during which Bitcoin ($BTC) fell to around $54,000 following an 8% drop over the same period.
Despite what popular crypto analyst Dan Gambardello has proposed, the price of ADA could potentially surge by over 1000% relative to Bitcoin, due to an “extremely bullish divergence.” According to this expert, a similar divergence occurred four years ago, and at that time, ADA increased by 1000% against BTC.
📈 Striking bullish divergence observed in the Cardano (ADA) versus Bitcoin (BTC) daily chart.The last occasion when such a pattern appeared was around 4 years ago, and at that time, Cardano experienced an impressive surge of over 1,000% against Bitcoin.— Dan Gambardello (@cryptorecruitr) September 5, 2024
According to Gambardello’s optimistic viewpoint, the bullish trend is supported by a phenomenon known as bullish divergence. This occurs when the price of ADA reaches successively lower valleys, while technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) create higher bottoms instead.
This pattern typically indicates a decrease in bearing pressure and the potential for an upcoming turnaround, following the implementation of the Chang’ upgrade by Cardano. This is a substantial step towards decentralized management for their platform.
With this update, ADA token owners can now take part in the management of the platform, choosing their representatives and casting votes on crucial development choices.
The governance changes are structured through CIP-1694, a Cardano Improvement Proposal that introduces three new community-led governance bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).
From now on, these groups are assuming duties that were earlier handled by Cardano’s original organizations – Cardano Foundation, Input Output Global (IOHK), and Emurgo. This includes the power to start chain updates and implement hard forks.
Read More
- Will MCU’s Blade Movie Be Rated-R Following Deadpool & Wolverine’s Rating? Kevin Feige Reveals
- Millie Bobby Brown’s Nineteen Steps Set To Get Big Screen Adaptation; Know More Here
- USD HKD PREDICTION
- STRX PREDICTION. STRX cryptocurrency
- ZRO PREDICTION. ZRO cryptocurrency
- Crypto Investment Surge: $1.44 Billion Inflows with BTc, ETH, and SOL Leading the Charge
- Sakamoto Days Chapter 176 Will Likely Return To The Present; Release Date, Where To Read And More
- Celine Dion Set To Return To Stage At Paris Olympics Amid Stiff Person Syndrome Battle? Here’s What Report Says
- ‘I Had No Idea…’: Jeremy Renner Reveals Robert Downey Jr Didn’t Mention His Casting As Doctor Doom In Upcoming MCU Movie
- Guy Fieri Meets Flavor Flav As They Support U.S. Women’s Water Polo Team At 2024 Paris Olympics
2024-09-07 04:08