Cardano Could Break $8 if History Repeats
An analyst believes that Cardano (ADA) could potentially reach a price of $8 if history repeats itself. The analyst points to a recent breakout in the weekly price of ADA, where it surged above a long consolidation channel. This breakout pattern is similar to what happened in 2019-2020, which eventually led to the 2021 bull run and a rally of 3,200%. After breaking above the channel, ADA rallied for a bit before retracing to retest the upper level of the channel. However, this time, Cardano appears to be heading up faster than before. If history repeats, ADA could rise to $0.80, retrace to $0.60, and then enter a bull run towards $8 by January 2025.
Cardano’s Recent Price Pattern
An analyst named Ali has shared a chart showing Cardano’s recent price pattern. The pattern is characterized by a parallel consolidation channel, which refers to the region enclosed by two parallel trendlines. When an asset trades sideways within this range, breaks out above or below the channel can indicate a strong continuation of the trend in that direction. In the case of Cardano, it recently broke above the channel in a manner reminiscent of its previous breakout in 2019-2020. This time, however, Cardano appears to be heading up faster.
Anticipating a Potential Rally for ADA
The analyst notes that if history repeats itself, ADA could experience a rally towards $8 by January 2025. This would mean a total uplift of over 1,200% from its current price. Currently, Cardano has seen a surge of more than 11% in the past week and has reached the $0.60 mark. The analyst suggests that the breakout may come earlier than expected and advises keeping an eye on ADA’s price movements in the coming months.
Hot Take: Cardano’s Potential for Growth
Analyst Ali believes that Cardano (ADA) has the potential for significant growth based on its recent price pattern and historical performance. If history repeats, ADA could break $8 by January 2025, resulting in a total uplift of more than 1,200% from its current price. This prediction is supported by the recent breakout above a parallel consolidation channel, similar to what happened in 2019-2020 before the 2021 bull run. With Cardano heading up faster this time, it is worth keeping an eye on ADA’s price movements as it could potentially reach new highs in the coming years.
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