Cardano (ADA) Price Reflects Breakout Pattern from 2020 – Potential $3 Rally Ahead?
Cardano (ADA) seems to be on the verge of another major rally, with its current price pattern closely resembling its impressive bull run in 2020. According to a recent chart shared by crypto analyst @ali_charts, ADA’s movements appear to mirror those that propelled it past $3 in the past. What’s catching the attention of ADA holders are the Fibonacci levels that are signaling a potential breakout in the near future.
The analysis highlights some striking similarities between Cardano’s current trajectory and its previous explosive rally. In the previous run, ADA surged from around $0.15 to over $3 after surpassing the 0.5 Fibonacci level. Currently, ADA is priced at $0.765, with the crucial 0.5 Fibonacci level positioned around $0.853 – indicating a familiar setup from years before.
The analyst’s comparison points to the present moment as being nearly identical to early 2021, hinting at a possible repetition of history. If ADA manages to break through the $1.15 (0.618) and $1.78 (0.786) levels in the foreseeable future, it could signal the beginning of another significant upswing.
Interestingly, this time around, the rally appears to be unfolding at a slower pace compared to the previous cycle. While this gradual progression may test the patience of some traders, it could pave the way for a more robust and sustainable rally. The Fibonacci targets for the long term are quite ambitious, with projections extending to $3.09, $4.19, and potentially even $6.25 if the current pattern persists.
In summary, Cardano (ADA) seems to be tracing a familiar path from its past successful cycles. With key support levels holding steady and technical indicators aligning with historical trends, traders are closely monitoring ADA’s performance as it hovers around $3 and possibly beyond. Should the pattern continue to unfold as anticipated, ADA could be on track for an exciting journey upward.
