Cardano (ADA) has recently seen a major correction, mirroring patterns observed during the 2020 bull cycle, with analysts optimistic about its future trajectory.
Prominent analysts expect ADA to rise to $6, reflecting a potential 560% increase from its current value, with bullish signals emerging from key technical indicators.
Analysts believe that ADA price may stabilize around $0.75, with the potential to reach new highs in the coming year, supported by bullish technical indicators, strong whale activity, and historical patterns.
Cardano (ADA) has recently seen a major correction, mirroring the patterns seen during the 2020 bull run. Despite a 15% drop in value over the past week, analysts are optimistic about ADA’s future trajectory. The cryptocurrency recovered after testing a key support level around $0.80, reigniting bullish sentiment among investors.
Analysts' expectations and market sentiment
Prominent crypto analyst Ali Martinez has highlighted similarities between the current ADA market behavior and the 2020 bull cycle. Martinez noted that the first major correction following the 2020 rally occurred at a similar point in the cycle as the current correction. He expects ADA to rally to $6 after that, reflecting a potential 560% increase from its current value.
Another analyst, known as Leq Prodigy, pointed out that a double bottom pattern has recently appeared on ADA’s weekly chart, which often signals a reversal from a bearish to an uptrend. Leq Prodigy suggests that if ADA successfully recovers from this key level, it could target $3 in the near term.
Technical Indicators and Whale Activity
Key technical indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), are showing bullish signals. The RSI has crossed the 50 level, reinforcing optimism about the potential for a price rally.
