Cardano Follows 2020 Bullish Pattern – Top Analyst Plans To Take Profits Between $4 And $6
Cardano (ADA) retraced 23% from its local highs yesterday after a volatile market that saw many altcoins fall. Despite the correction, ADA has been one of the best-performing altcoins since November 5, showing its resilience amid market volatility. Investors remain optimistic that Cardano will continue to outperform as the broader cryptocurrency market gains momentum.
Related reading
Top analyst Ali Martinez has shared a technical analysis of X, highlighting the striking similarities between ADA’s current price chart and its performance in 2020 – a year that marked a bullish phase for the altcoin. Martinez said the similarities suggest Cardano may be gearing up for another major rally. However, the coming weeks will be crucial to confirm this trajectory, especially as Bitcoin continues to drive the market with its strong upward momentum.
interaction between Bitcoin Performance and Altcoin Activity Will play a key role in affecting the price trend of ADA. If Bitcoin maintains its bullish cycle, altcoins like Cardano may “wake up” and follow suit. For ADA, remaining above key support levels and moving back towards recent highs will be critical to maintaining investor confidence and setting the stage for a potential breakout as the market develops.
Cardano rally could continue
Cardano has been on a stellar run since November 5, surging over 300% in less than a month. This impressive rally has captured the attention of investors and analysts, making ADA one of the standout stocks in the altcoin market. However, the recent sharp decline has raised concerns about a possible further pullback, making many investors nervous.
Analyst and investor Ali Martinez recently Share an optimistic perspective Understand the trajectory of ADA through X. Martinez said Cardano’s current price action reflects its behavior before the massive bull run in 2020.
Martinez acknowledged that the price could drop to $0.76, but saw it as a buying opportunity and emphasized his confidence by saying he planned to target profits between $4 and $6. His analysis suggests that the current pullback is a natural part of a larger bullish cycle for ADA and not a sign of weakness.
Related reading
Despite the recent pullback, key indicators and positive market sentiment support ADA’s upward trajectory. Cardano’s strong performance over the past month highlights its resilience, with many investors remaining optimistic about its long-term potential. As the cryptocurrency market evolves, ADA’s ability to hold key support levels and regain momentum will be critical in determining its next move.
Price remains above key levels
Cardano (ADA) is currently trading at $1.01 after plunging 20% yesterday. Despite the sharp pullback, ADA has shown resilience, holding above key support at $0.87. This level has proven to be a solid base for ADA price action, indicating that the asset remains well-positioned for further upward momentum.
For ADA to continue its bullish trajectory, it must sustain its position above $0.90 in the coming days, solidifying investor confidence. However, the next key milestone lies at $1.25 resistance. A breach of this threshold would be critical for ADA as it would signal renewed buying interest and a possible continuation of the rally.
Related reading
If ADA manages to hold above $0.90 and break through the $1.25 mark, it will lay the foundation for a significant price extension. The move is likely to attract more investors and further solidify ADA’s position as the top-performing altcoin. With the broader cryptocurrency market showing signs of strength, the coming weeks will be crucial for ADA as it attempts to recover from recent volatility and push toward new highs.
Featured image from Dall-E, chart from TradingView
