Home Altcoins News Peter Brandt Predicts ADA is Poised for a Major Bull Run

Peter Brandt Predicts ADA is Poised for a Major Bull Run

Cardano price

Cardano (ADA) is attracting attention as it shows signs of preparing for a significant price surge. Renowned trader Peter Brandt recently suggested that ADA could be on the brink of a “grand bull run” after successfully defending a key support level. With whale activity on the rise and key technical indicators pointing to further gains, ADA could be poised for its next major rally.

ADA’s Recent Price Action and Key Support Levels

In December 2024, ADA marked $0.80 as a local bottom, after which it began a strong 34% recovery over the next two weeks. This price point, which was the peak in March 2024, has proven to be an important support level for the cryptocurrency. Brandt believes that this level could serve as a foundation for ADA’s next upward move, indicating that the coin is now ready for the next leg higher.

Reacting to the development, Brandt stated that ADA had bottomed out for what could be a major bull market. He emphasized that consolidating above a previous price peak typically signals the start of strong upward momentum. Brandt’s outlook for ADA is particularly bullish, with a potential target of $1.90, just shy of $2, which represents a 72% gain from its current price.

Whale Activity Could Propel ADA’s Price

A closer look at whale behavior also supports the bullish outlook for ADA. According to data from Santiment, two large whale cohorts holding between 100 million to 1 billion ADA and 1 million to 10 million ADA have been accumulating the cryptocurrency over the past week. These whales collectively hold around 9.4 billion ADA, and their continued accumulation could drive the price higher.

Interestingly, another whale cohort holding 10 million to 100 million ADA has been offloading their holdings over the same period. However, the increased buying pressure from the larger whale cohorts could outweigh this selling, potentially pushing the price of ADA higher in the coming weeks.

Key Resistance and Bullish Breakout Targets

The recent price movement of ADA has brought the cryptocurrency close to the $1.12 supply zone, which has acted as resistance. This could encourage swing traders to lock in profits, leading to a brief cooling off period where ADA might retest the $1.00 mark or the trendline resistance before making another attempt to break above the supply zone.

If ADA manages to break through this resistance, a short squeeze could occur, driving the price toward the $1.40 level. From there, the next target could be $1.50. These price targets are based on an ascending triangle pattern, which is a classic bullish setup that often leads to significant price breakouts.

Market Sentiment: A Bullish Outlook for ADA

The sentiment surrounding ADA is becoming increasingly bullish, as evidenced by the market positioning on Binance. Data shows that a growing number of traders are net long on ADA, with long positions increasing from 66% to 77% over the past two days. This indicates strong confidence in ADA’s potential for continued gains.

Conclusion

With ADA showing strong technical indicators, increased whale accumulation, and an optimistic market sentiment, the cryptocurrency is well-positioned for its next major bull run. Peter Brandt’s prediction that ADA is preparing for a “grand bull market” aligns with the growing signs of upward momentum. As Cardano continues to defend its support levels and attract new investors, the next few weeks could be pivotal in determining whether ADA can reach its bullish targets of $1.90 or more.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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