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- Dan Gambardello thinks Cardano’s ADA is preparing for a parabolic bull run.
- Cardano Foundation partnered with Argentina, and Dubai police started using the technology.
- Historical data suggest ADA is set to rally significantly.
Renowned crypto analyst Dan Gambardello believes Cardano’s ADA is gearing up for a parabolic bull run following recent developments in the project’s ecosystem.
In an X post, Gambardello highlighted the Cardano Foundation’s collaboration with Argentina and Dubai police utilizing the technology as significant catalysts for the blockchain project.
✅ Cardano Foundation has partnered with Argentina✅ Dubai Police using Cardano ✅ US States looking into Cardano for votingAll fuel to guide ADA into the new era of Voltaire and a community run chain as charts prepare a parabolic bull market move. pic.twitter.com/ntGXEzBEsw— Dan Gambardello (@cryptorecruitr) June 6, 2024
In addition to these events, Gambardello noted that the US is exploring the deployment of Cardano in voting processes. He believes these developments will collectively contribute to Cardano’s growth, ushering ADA into the new era of Voltaire, a community-run chain, as charts suggest a potential parabolic bull market.
Meanwhile, Gambardello shared an ADA monthly chart to illustrate how the altcoin’s historical trend supports his projection. The chart reveals that ADA is mirroring its 2019 to 2022 movement when it experienced a parabolic rally.
In 2019, ADA traded sideways for an extended period before breaking above a significant moving average. The surge began after the token retested the moving average ahead of the bull cycle, causing ADA to soar over 5,000% in its most significant rally.
Notably, ADA has replicated this trend, as Gambardello’s post demonstrates. The altcoin traded sideways before breaking above the same moving average. The current price action shows ADA retesting the moving average, prompting the analyst to project a move similar to the 2021 parabolic surge.
Gambardello’s projection isn’t solely based on technical indicators. He also cites the aforementioned efforts by the Cardano Foundation to increase adoption and the project’s expansion into new territories. Such developments, coupled with the favorable technical arrangements, could catalyze a significant surge for ADA in the upcoming bull cycle. ADA was trading at $0.458 at press time, according to TradingView data.
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