Cardano (ADA) Rebounds, Mimicking Its 2,680% Bull Run From 2020

Cardano (ADA) rebounded, recovering two and a half years of losses in less than a month with a 174% surge in the past three weeks.

Cardano (CRYPTO: ADA) rebounded, recovering two and a half years of losses in less than a month with a 174% surge in the past three weeks.

What Happened: The altcoin’s recent price action has impressed supporters, flipping its trajectory to a significantly bullish mode, as nearly all the technical indicators suggest a buildup of more bullish momentum.

In a recent podcast, a cryptocurrency analyst compared Cardano’s current price trend to its behavior during the last bull run. He spotted multiple technical indicators suggesting the upward movement is just beginning and may persist.

Considering the coinciding trend, November 7 becomes a significant date in Cardano’s bull cycle. It marks when Cardano broke into a parabolic uptrend in 2020, only for the altcoin to repeat the same movement exactly four years later. This move saw ADA break above its 20- and 50-week moving averages both times. During the 2020 bull run, Cardano rallied 2,680%, moving from $0.087 to $3.160 in less than one year.

A cryptocurrency analyst recently highlighted a confluence of momentum buildup across multiple oscillating indicators like the Stochastic RSI and the Moving Average Convergence Divergence (MACD). He revealed the indicators’ upside potential, citing past examples to show that more ground remains for the ADA chart to cover before reaching an overbought condition.

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Several macro events have aligned to boost ADA’s bullish sentiment. These include Cardano’s potential partnership with Ripple (CRYPTO: XRP) to integrate decentralized finance components on XRP and the blockchain project’s rumored collaboration with Elon Musk’s SpaceX. Rumors of Cardano founder Charles Hoskinson’s involvement in the incoming presidential administration have also contributed to the bullish sentiment.

ADA Price Today: ADA was trading at $0.881 at the time of writing on Friday evening, reflecting a 7.3% surge within the past 24 hours, as per data from TradingView.

Analysts now expect the ADA price to overcome the $1 barrier soon.