Cardano (ADA), the native governance token of the proof-of-stake layer-1 network of the same name, recently lept back above the $1 threshold – indicating robust buying momentum. Like other major cryptocurrencies, ADA has enjoyed the latest *****-spurred upsurge, largely due to its parent company, Input Output Global (IOG) being a U.S.-based organization.
As ADA strives to hold above $1, a veteran analyst has suggested that the token is poised for a “grand bull market” based on its bullish market structure.
“Grand Bull Market” Underway For ADA: Brandt
Prominent trader Peter Brandt said in a recent post on the X platform that irrespective of a parabolic altcoin season, Cardano has formed a price bottom as per its weekly chart.
The trader noted that the crypto asset had established a double-bottom base, which held for over a year before recently soaring above the $0.81 mark. ADA bulls have turned this level into support, with the price seeing a “retest congestion.”
“Make no doubt about it, Cardano $ADAUSD has bottomed for a grand bull market,” Brandt said.
The confirmation of the bullish double-bottom base pattern could propel ADA’s price higher in the coming days. Another crypto analyst, Altcoin Sherpa, shared a similar view on ADA. Altcoin Sherpa said ADA’s chart “looks pretty strong.” He thinks Cardano will continue rising as long as other crypto majors assets continue to move higher.
Cardano Tailwinds
Forthcoming U.S. President Donald ***** is rumored to be open-minded about creating a strategic reserve with other US-based cryptocurrencies like Solana, USDC, and Ripple’s XRP. The reports have triggered speculations of a potential altcoin season in the near term.
In November 2024, Cardano founder Charles Hoskinson declared his intention to position himself as a recognized voice in President-elect Donald *****’s ear when he assumes control of the White House on January 20.
He added at the time: “I’m going to be spending quite a bit of time working with lawmakers in Washington, D.C., and quite a bit of time working with members of the [*****] administration to help foster and facilitate, with other key leaders in [the] industry, crypto policy.”
Moreover, Cardano has inched closer to its next major milestone on its path to fully decentralized governance. On Jan. 18, IOG approved the activation of the Plomin hard fork on the mainnet, scheduled for this month.
As noted by IOG, this indicates that all conditions for the governance action stated by the Interim Constitution have been met. As such, Cardano’s (ADA) shift toward the Plomin stage is now deemed constitutional.