Cardano Targets $3 All-Time High as 400% Rally Predicted Following Symmetrical Triangle Breakout

Cardano (ADA) has also jumped on the crypto bandwagon thanks to its monthly surge of more than 120%.

According to a top market analyst, World of Charts, ADA might be gearing up for more upside that will see it surge to all-time high (ATH) levels of $3.

The analyst stated, “We caught Cardano at the bottom, currently 80%+ up & now ADA breaks another multi-year symmetrical triangle, expecting a 400% bullish wave in the coming months.”

The symmetrical triangle chart pattern happens whenever an asset finds itself in a tight range based on heightened consolidation. 

With ADA exiting this formation, a bullish picture is being painted for the tenth-largest cryptocurrency based on market value as it continues to traverse the $0.8 zone.

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Short-Term Investors Flock to the Cardano Ecosystem

The uptrend being experienced follows ADA’s golden cross, which signals heightened buying pressure due to the crossover between a short-term and long-term moving average (MA).

Short-term investors have been propelling this momentum, but caution should not be thrown to the wind because their dominance often signals potential selling pressure thanks to their profit-taking tendencies.

Meanwhile, Cardano CEO Charles Hoskinson had reached out to the XRP community, asking for industry unity after he publicly apologized for past misunderstandings.

This comes after intensified calls for unity in the broader cryptocurrency sector, especially at a time when President-elect Donald Trump has given a pro-crypto stance.