Despite the recent pullback, Cardano supporters ($ADA ) are firmly convinced that the cryptocurrency's trend aligns with the patterns of 2020. Most members of the crypto community observing the recent price dynamics of ADA are discussing the potential of the cryptocurrency, predicting the possibility of $6 for the digital asset before the end of the bullish rally.
The price of ADA reached an annual high of $1.327 on December 3, before correcting. A 42% pullback brought ADA down to $0.762 in less than three weeks. However, cryptocurrency supporters believe that the bullish momentum remains, and the altcoin will repeat the achievements of the last bull cycle.
It is worth noting that the bull cycle of 2020 marked the most significant growth of Cardano in history. The Smart Contract coin started the year at $0.032 and then grew by more than 13,000% in a sustained rally that lasted over 20 months. ADA was trading at $0.3160 as of September 2021, which became a record price for the altcoin.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen recently highlighted an important indicator similar to the price trend of 2020. Cowen noticed some consistency in the risk level of ADA, which could soon trigger a significant jump. ADA rose by 1800% under the same conditions in 2020, and crypto analysts believe that the scenario could repeat. Besides the risk level, the well-known analyst highlighted technical indicators that align with the bullish trend, similar to the previous cycle. It is worth noting that the consistency of ADA is not limited to the US dollar. The pairing of the Smart Contract coin with Bitcoin ($BTC ) reflects a similar picture, boosting investor confidence in a potential rally.
Meanwhile, ADA bounced off the support at $0.762 after the recent pullback in the cryptocurrency market. At the time of writing, the cryptocurrency was trading at $0.890. Analysts expect ADA to soon return above $1 and boost bullish sentiment among investors. This could become a tailwind for supporting the ADA rally in the anticipated altcoin season of 2025.#2024To2025 #2024withBinance #2024Crypto $SOL
