Cardano (ADA) has been on a fiery run, soaring since November to reclaim its yearly high and brush against $0.6776 in December. However, after encountering resistance, the rally seemed to stumble, leaving investors wondering if its propellant had burned out.
Although Cardano (ADA) dropped to $0.5544 shortly after reaching its yearly high, it has bounced back since then and is currently trading at $0.6282, showing a 62.36% increase over the past month. With this recovery, a prominent analyst is pointing to a brighter future for the digital asset.
Ali (@ali_charts), one of the top analysts in the crypto community, recently pointed the Cardano community in the direction of technical indicators like the symmetrical triangle pattern on ADA’s chart, hinting at a potential breakout and bigger surges.
On the 4-hour chart, #Cardano is shaping up a symmetrical triangle! The crucial point to watch is a sustained candlestick close above $0.63.
— Ali (@ali_charts) December 27, 2023
The Symmetrical Triangle and ADA’s Future
The symmetrical triangle is a pattern where highs and lows converge, often signaling a period of consolidation followed by a decisive surge. The asset price will gradually experience lower highs and higher lows and consolidate around a key price for a while like SHIB is doing around $0.00001 currently.
Ali believes a sustained close above $0.63 could trigger a surge toward $0.78, potentially propelling ADA back to heights it has not reached since May 2020.
Although ADA crossed $0.63 after Ali’s prediction, its price dropped significantly on the evening of December 28, reaching an all-day low of $0.6132. That was the support level pointed out by Ali in a previous analysis, which served as a base for ADA to resume its surge.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The main driving force behind Ali’s optimism is the symmetrical triangle. The symmetrical triangle pattern suggests pent-up energy waiting to be unleashed. Historically, ADA has bounced back from similar patterns in the past, proving its resilience.
The broader crypto market sentiment also seems to be shifting in a positive direction, with the stars aligning for potential growth. However, in the cryptocurrency market, nothing is guaranteed. Investors should always proceed cautiously, as past performance doesn’t always predict the future.
Only time will tell whether ADA will reach the $0.78 predicted by Ali. But with strong technical signals and potentially favorable market conditions, the path seems paved for an exciting future.
Meanwhile, ChatGPT recently predicted that ADA could reach $10 in six to twelve months, and Ali’s predicted surge could be the start of that journey.
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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