Crypto analyst Ali has flagged a potential massive breakout on Cardano (ADA) similar to the 2020 breakout. As Cardano shows a notable rise in its daily trading metrics, this insight pops up.
Recently, Ali, more known for his X-focused insights, predicted an optimistic story for Cardano. ADA’s price pattern follows its 2020 trajectory and suggests that solid market movements are on the horizon.
According to Ali, Cardano’s $ADA is following a similar path as 2020. If history rhymes, he predicts we’ll see a pump sometime around November 18, about two weeks following the US elections, and a potential market top by September 2025. He continues that, as happened with his previous prediction, this prediction also fits well.
According to the latest trading data, trading activity and investor interest spiked when the price of ADA increased over 2 percent in a single day. ADA’s performance is also exceptionally substantial, as it follows a broader market recovery.
The asset currently trades at a price of $0.3466, with a 24-hour trading volume of over $298 million, a 55.2 percent increase from where it had been the day before, as determined by the Data CoinMarketCap.
Cardano Technical Analysis
On the technical charts, ADA shows an outstanding setup. Analysts like Ali are identifying potential cycles in the long-term chart regarding future growth.
As seen in Ali’s chart, ADA exhibited a steep rise, followed by a gradual fall, and is now ready to rise sharply again.
Copying its previous behavior around calendar and event dates, there’s a pattern where ADA experienced a sharp rise on specific dates, gradually dropped, and then rose again. However, further analysis shows that traders are watching a few key resistance and support levels.
For example, just above $0.38 is a critical resistance zone that must be crossed for a bullish breakout once confirmed. However, the asset has consistently been able to take support above the $0.33 spot, making the support a safe base for the much-anticipated rally ahead.
What’s ADA’s Fate
The recent patterns match well with overall market moods and upcoming political and economic events, such as the U.S. elections, which are notorious for influencing crypto market patterns. This layer of speculation and strategy for traders gives us these correlations.
Cardano is solidly on an upward trajectory with the correlation of technical indicators, and Ali’s analysis presents a strong case that patterns of the past do not imply outcomes of the future.
With the market set to pass the U.S. elections, investors and traders will be keen to watch the movement of ADA, considering the possibility of it following the highs from 2020.
A positive, if Ali’s predictions prove to be correct, could mean Cardano might be stepping on the path of another giant step in its market history.
The crypto community might be in for yet another exciting end to 2017 with ADA, blending a healthy dose of cautious optimism and strategic trading.
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