- Events of the next few days will influence crypto prices.
- ADA is timely primed for a bullish run.
- Historical data from the ADA/BTC chart reveals a notable trend cycle.
Crypto analyst Dan Gambardello sees a bullish consolidation forming on Bitcoin’s weekly chart, which he believes could spark the next crypto market rally. He points to several upcoming events that could play a crucial role in driving this movement.
The events outlined by Gambardello include the Japanese GDP, which users expect out on Monday, September 9, the House Financial Services Committee Hearing on DeFi and the US presidential debate slated for Tuesday, September 10, and the US CPI m/m and y/y that would come out on Wednesday, September 11.
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The Japanese GDP, as the third-largest economy globally, holds significant weight for investors worldwide, according to Gambardello. He sees it as an economic bellwether that will be closely watched across all markets.
The US CPI report on Wednesday could influence the Federal Reserve’s decision on interest rates at its September 18 meeting. Gambardello suggests a higher-than-expected CPI could lead to a larger-than-usual 50-basis-point rate cut.
Cardano’s Bullish Technical Setup
While these events are expected to impact the broader crypto market, Gambardello is particularly bullish on Cardano (ADA). He points to ADA’s technical setup, highlighting its potential for a significant rally in the coming days.
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Historical data from the ADA/BTC chart reveals a notable trend cycle. The current state of the chart shows ADA has fulfilled a pullback in preparation for a potential rally. In addition to ADA’s bullish technical structure, ongoing developments in the Cardano ecosystem represent potential triggers that could contribute to the cryptocurrency’s growth.
Cardano’s Focus on Scalability and Adoption
Beyond technical indicators, ongoing developments in the Cardano ecosystem could further fuel ADA’s growth. Cardano has prioritized decentralization and security, achieving milestones that have surprised many critics. Now, the focus has shifted to scalability, with the aim of boosting adoption and driving up ADA’s price.
ADA traded for $0.342 at the time of writing, according to data from TradingView, and Gambardello thinks the altcoin’s weekly chart structure points toward a significant rally. He spotted crucial setups in indicators like MACD and other oscillators that suggest an upcoming parabolic bull run.
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