Legendary Trader Peter Brandt Believes Cardano (ADA) Has Reached Its Bottom, Arguing for a Grand Bull Run for the Coin Amid an Impending Altcoin Season

Cardano has recently shown bullish momentum, climbing above $1 after previously dipping below it. ADA's price is $1.08 at the time of writing

Legendary trader Peter Brandt has observed a promising technical pattern for Cardano (ADA) in its weekly chart, suggesting that the coin might have reached its bottom and is poised for a grand bull run.

After a period of decline that saw ADA dip below $1, the coin has recently shown bullish momentum, climbing back above the $1 mark. At the time of writing, ADA's price is $1.08, indicating a 4.07% increase in the last 24 hours and a 16.71% rise over the past week.

This resurgence has garnered renewed attention from traders and market analysts, who see potential for further growth.

Veteran chart analyst Brandt shared his observations on ADA's weekly chart, highlighting key patterns that signify a bullish outlook.

Brandt's analysis points to a descending triangle pattern that formed in 2022, leading to a downward price movement. This bearish trend continued until early 2023 when ADA formed a classic double-bottom base around the $0.2 level.

The double bottom, a strong reversal indicator, marked the end of the downtrend and set the stage for upward momentum.

Following the breakout from this base, ADA moved past the $1.20 in late 2024 level before encountering resistance.

According to Brandt, this completes the bearish phase for Cardano, forming a solid foundation for a bull market. In parallel, he sparked optimism that a grand altcoin season could be around for ADA.

Meanwhile, when asked about his value thesis for ADA, Brandt clarified that he is a chart-based swing trader without an underlying value thesis. Moreover, he noted has likely never traded Cardano.

I do not have an underlying value thesis. I am a chart based swing trader. I post charts that are interesting. I am not sure I have ever even traded $ADA

— Peter Brandt (@PeterLBrandt) January 17, 2025

In a separate commentary, analyst Crypto Rand pointed to further bullish signals for Cardano. He highlights a bullish pennant on Cardano's chart following its sharp rally in late 2024.

According to the analyst, ADA has one of the most promising charts, arguing that ADA could rally to $2 soon.

Meanwhile, analyst Dan Gambardello has predicted Cardano could reach a $500 billion market cap and $14 per coin during its major bull run. He suggests a rally to $3 and $7 is feasible, with $14 achievable in a supercycle.

On-chain data from IntoTheBlock reveals heightened activity on the Cardano network, reinforcing the optimistic sentiment surrounding ADA. The 7-day Net Active Change rose by 4.79%, reflecting a modest uptick in network engagement.

More notably, the 7-day “Actively Accumulating Change” increased by 11.99%, signaling growing interest from long-term holders.

Additionally, the 7-day “Zero Balance Addresses Change” surged by 12.26%, suggesting the creation of new wallets or the reactivation of dormant addresses.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.