Analyst Forecasts 100% Rise for Cardano with Falling Wedge Pattern Breakout

Analyst Forecasts 100% Rise for Cardano with Falling Wedge Pattern Breakout

Cardano’s Price Movement

Although while Cardano (ADA) may not be the top gainer in the cryptocurrency market, its performance has not fallen behind. The price of Cardano’s native coin ADA has seen a positive trend during the altcoin rally, hitting a peak of almost $0.4 from a low of $0.25 before correcting downwards.

Sliding Wedge Pattern Holds Back Cardano

A cryptocurrency analyst on the TradingView website has noted that a sliding wedge pattern is holding back the Cardano (ADA) price from mounting a full-blown rally. This pattern has appeared as the ADA price has retraced and then recovered, and breaking out of this pattern could lead to a substantial rally.

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Identifying this sliding wedge pattern as the important pattern to break for ADA, the analyst predicts that ADA’s price could rise another 100% from its current level, with an initial target at $0.57 and a surge that takes it through the $0.78 mark before resistance is expected.

The data from IntoTheBlock indicates that large investors have been gaining their activities across the Cardano (ADA) network, with a whole lot of increase in the number of large transactions and transaction volumes, suggesting anticipation for a positive trend run between large investors.

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Hot Take: Cardano’s Probable for a Bullish Run

Cardano’s performance may not be the top gainer in the market, but its positive trend during the altcoin rally and the  capacity for a substantial rally by breaking out of the sliding wedge pattern suggest a positive trend trend. In addition, the increased activities of large investors across the network signal anticipation for better prices, indicating probable for a positive trend run that could see ADA growing to new yearly highs.

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