Cardano (ADA) To Break $8 In Bull Run: Analyst Predicts Timeline
16 Fevereiro 2024 - 4:30PM
NEWSBTC
An analyst has explained that if history repeats for Cardano (ADA),
its price could break $8. Here’s when this might happen for the
asset. Cardano Has Been Mirroring Past Price Pattern Recently In a
new post on X, analyst Ali has discussed a potential breakout
happening in the weekly price of Cardano. ADA has appeared to have
surged above a long parallel consolidation channel in this latest
breakout. Related Reading: These Are The Altcoins Drawing Whale
Interest, Santiment Reveals Below is the chart shared by the
analyst that shows this recent pattern in the price of
cryptocurrency. The pattern that the ADA weekly price has been
displaying recently | Source: @ali_charts on X As the graph shows,
ADA had been moving inside a parallel channel until the recent
surge toward the upside came. In technical analysis, a “parallel
channel” refers to the region enclosed by two parallel trendlines.
This pattern forms when the asset trades sideways inside a specific
range. The upper line of the channel can be a source of resistance
for the asset; thus, reversals towards the downside can likely take
place after retests of it. Similarly, the lower line can be a
probable point for bottoms to take form. However, breaks out of
either of these lines imply a potential strong continuation of the
trend in that direction. This means an escape above the channel can
be a bullish signal for the price, while a drawdown under it can be
a bearish predictor. During 2019-2020, Cardano was also stuck in
consolidation inside a parallel channel similar to the one
witnessed recently, as Ali highlighted in the chart. In this
previous period, the cryptocurrency had eventually managed to break
above the channel, leading to the 2021 bull run. In total, the
asset enjoyed a rally of 3,200% back then. The coin’s trajectory
inside the latest channel ended up being similar to that one, and
recently, the ADA price has also broken beyond the channel in a
fashion that has been reminiscent of the break of the previous one.
After the previous break, the coin rallied for a bit and then
returned to retest the upper level of the channel, which has been
repeated this time as well. The difference this time, however, is
that Cardano appears to be heading up now, which took a bit more
time to happen last time around. Related Reading: Bitcoin Signal
That Has Held Since December Says It’s Time To Sell “The Cardano
breakout may come earlier than expected!” notes the analyst.
“Still, if history repeats itself, we are anticipating ADA to rise
to $0.80, retrace to $0.60, and then enter a bull run toward $8 by
January 2025!” If the cryptocurrency follows this path set by
history, the rally toward the $8 level would mean a total uplift of
more than 1,200% from the coin’s current price. ADA Price Cardano
has enjoyed a surge of more than 11% in the past week and has risen
to the $0.60 mark. Looks like the price of the coin has been
rapidly moving up in the last few days | Source: ADAUSD on
TradingView Featured image from Shutterstock.com, charts from
TradingView.com
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