Despite the recent pullback, supporters of Cardano (ADA) are firmly convinced that the cryptocurrency's trend corresponds to the patterns of 2020. For this reason, they are discussing the cryptocurrency's prospects, predicting growth to the mark of $6 even before the end of the bullish rally.
On December 3, the price of ADA reached an annual high of $1.327, and a subsequent pullback of 42% led to a decrease of the token to $0.762 in less than three weeks. However, supporters of the cryptocurrency believe that the bullish momentum remains, and the altcoin will repeat the achievements of the last bullish cycle.
The bullish cycle of 2020 marked the most significant growth of Cardano: the coin started the year at $0.032 and then rose by more than 13,000% in a prolonged rally that lasted over 20 months. By September 2021, ADA was trading at $0.316, which became a record price for the altcoin.
Recently, the founder of Into The Cryptoverse, Benjamin Cowen, highlighted an important indicator characteristic of the price trend in 2020. In particular, he noted a certain sequence in the risk level of ADA, which may soon trigger a significant surge. Under those conditions, ADA rose by 1800% in 2020, and crypto analysts expect a repeat.
In addition to the risk level, Cowen highlighted technical indicators that correspond to the bullish trend in ways similar to the previous cycle. In particular, the movements of the token in pairs with Bitcoin formed a similar picture, increasing investor confidence in a potential rally.