Here’s How Cardano Price May 6X From This Critical Level
Highlights
- Cardano price eyes a 6X breakout rally from the ascending parallel channel pattern to a new all-time high of $4.50.
- The current setup is a bull fractal that mirrors the 2021 rally when Cardano’s price rallied to the current ATH of $3.10.
- Key levels to watch include the $2.076, $3.10, and $5.20.
Cardano (ADA) price is eyeing a potential rally to a new all-time high at $4.50 due to the completion of a key market pattern known as ascending parallel channel. A successful breakout from this setup suggests the possibility of a sixfold gain for ADA from current prices. This technical formation mirrors the channel setup that occurred in 2021, just before ADA soared 2,800% to $3.10.
At press time, Cardano trades at $0.766 after an 8.10% rally last week.
Cardano Price Eyes 6X Rally to a New ATH
Cardano’s price appears poised for a significant rally to $4.50, as indicated by a weekly chart that shows ADA trading within an ascending parallel pattern. This pattern often precedes upward breakouts, and currently suggests the price of Cardano could 6X in the coming weeks.
A successful push past the upper trendline of the parallel channel neckline, around $0.7600, could spark a rally that would potentially pump the altcoin past the $1 psychological mark and bring it closer to the all-time high at $3.10.
The ascending parallel pattern is a bullish continuation pattern formed when the price is contained within two upward-sloping, parallel trendlines. This pattern typically indicates higher highs and higher lows, signaling the direction of the trend.
The price has already closed past the upper trendline of the parallel channel, and the target of $4.50 was calculated by adding the height of the parallel channel to the breakout point.
Moreover, Cardano’s Relative Strength Index lies at 51.49, suggesting the current price action is bullish.
Similar Bull Fractal Led to 2,800% Gains in 2021
According to historical data, Cardano’s 2021 rally to a new all-time high followed an ascending parallel channel pattern. According to TradingView, the price consolidated between $0.10 and $0.20, which was then followed by a massive 2,800% spike to $3.10.
Key Levels to Watch in Case of Breakout
Cardano’s price has massive potential for a breakout rally after breaching the $0.75 resistance level. The next stop could be the $1 psychological mark, above which traders should watch out for three primary targets: $2.07, $3.10, and a new ATH around $4.50.
If buying pressure fades, Cardano’s price could fall below $0.3977 and lose the support level, which would further invalidate the bullish outlook.
Final Take
Cardano price forecast suggests Cardano is heading for a historic breakout, as signaled by the ascending parallel channel pattern, a previous market fractal that led to the 2021 rally and the formation of higher lows, which suggest sustained demand.
For a detailed, long-term Cardano Price Prediction 2025-2030: Read this
Frequently Asked Questions (FAQs)
1. What is Cardano’s ascending parallel channel pattern?
2. What is Cardano’s all-time high?
3. Will Cardano rally past its all-time high?
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