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Tron Weekly

06/04/2024

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Cardano (ADA) Holds Strong: Analyst Forecasts Breakout To $0.50, Next Target $0.60

You are here: Home / News / Cardano (ADA) Holds Strong: Analyst Forecasts Breakout to $0.50, Next Target $0.60 Renowned analyst Sssebi has shared an optimistic outlook, suggesting that ADA is on the verge of...

Cardano (ADA) Holds Strong: Analyst Forecasts Breakout To $0.50, Next Target $0.60

You are here: Home / News / Cardano (ADA) Holds Strong: Analyst Forecasts Breakout to $0.50, Next Target $0.60

ADA

Renowned analyst Sssebi has shared an optimistic outlook, suggesting that ADA is on the verge of a significant move. According to the analyst, ADA will soon bounce back, gearing up for the triangle’s upper trendline around $0.50. If ADA breaks out beyond the set resistance here, the likelihood of $0.60 as the next primary target is high.

At the time of writing, Cardano exchanges at $0.449774, with a trading volume of $464.36 million over the last 24 hours and a market capitalization of $16.05 billion. ADA is slightly up by 0.19% over the last 24 hours.

ADA Mirrors Previous Cycle Performance & Predicted to Surge 15x

In a recent analysis, crypto expert Alexander Legolas pinpoint the need to go through charts and understand market cycles without letting emotions interfere. Legolas stated that currently, the performance of Cardano (ADA) is reflecting its behavior of the previous cycle.

Looking at the charts and the market cycles, it’s easy to recognize that ADA is a copy of its exact movements from the last cycle. Even for someone who doesn’t understand the detailed technical aspect, it is visually apparent that the charts from this cycle and the past are almost the same.

Legolas urged investors to exercise patience, referencing historical data to underline his point. It took ADA 488 days to reach its previous peak after the last Bitcoin halving. With only 43 days into this cycle since the latest halving, the chart clearly indicates what’s likely to come next. His analysis also suggests that those who look closely at the charts may infer the future direction for ADA, thereby underlining the importance of patience and disciplined analysis in the crypto market.

In addition, analyst Sssebi made an important observation of where ADA was at the end of its last cycle. The blue circle represents where ADA was in the previous cycle when Bitcoin broke its all-time high. Since that point, ADA has gone on to witness a 17x increase from that level to all-time highs. According to Sssebi, the current trends could see a 10x to 15x increase this cycle from the current price.

Related Reading | Polkadot (DOT) Eyes $24 Target Amid Bullish Signals Above $7.65 Resistance

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