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01/19/2024

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Cardano (ADA) Could Hit $7, But There's a Catch

Crypto trader Ali sees similarities between Cardano’s latest price consolidation and previous bottoming action leading to a powerful 2021 rally. If historical patterns hold, a breakout could arrive as soon as...

Cardano (ADA) Could Hit $7, But There's a Catch

Crypto trader Ali sees similarities between Cardano’s latest price consolidation and previous bottoming action leading to a powerful 2021 rally. If historical patterns hold, a breakout could arrive as soon as April.

In a recent tweet, Ali noted that ADA’s current narrow trading range closely resembles its behavior in late 2020 after a sharp post-peak correction. At the time, Cardano was moving slowly for nearly three months before igniting a new uptrend in early 2021.

#Cardano's current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP

— Ali (@ali_charts) January 19, 2024

Ali believes the current price action is setting the stage for another potential surge of that magnitude if support continues to build. Per the analysis, ADA could resume its recovery around April, mirroring the 2020 breakout.

Also read: Cardano: Google Bard Predicts ADA Price For 2024

Initial targets are seen around $0.80, leading to a brief pullback toward $0.60. However, Ali expects Cardano ADA buyers to then step back in force and spark a climb toward $7.00.

Of course, crypto markets seldom move in a predictable, linear fashion. However, traders often rely on historical patterns as clues to how assets may trade around certain levels. The analogy suggests Cardano is accumulating for another leg higher.

Also read: Ripple: Analyst Expects XRP To Hit $2.8 If This Happens

If Ali’s comparison holds, the token would still have to take out formidable resistance at $0.50 to get most bulls back on board. 

Drawing insights from ADA’s performance earlier in 2024, cryptocurrency experts at Changelly predict Cardano’s price. According to Changelly, Cardano ADA is likely to hit $7 in 2030.

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