Cardano ($ADA) Mirrors 2020 Bull Run: Is a Major Rally Coming in 2024?

The cryptocurrency market has been shaky this week. Bitcoin (BTC) dropped sharply to $92,000 on December 17 but later bounced back to over $96,000. Similarly, Cardano ($ADA), a popular altcoin, has fallen by more than 15% in the past week and continues to struggle.

Following Past Patterns

A crypto expert, @ali_charts, noticed that Cardano’s recent price drop looks similar to what happened during its 2020 bull run. Back then, ADA’s price fell by 33.85% over 49 days before skyrocketing over 4,000% to new highs. Right now, ADA has dropped 42.65% over the same number of days but is starting to stabilize. This similarity suggests that ADA might be preparing for another big rally.

Current Price Movement

On shorter timeframes, ADA’s price is stuck in a downward channel. It recently bounced off a support level and is trading between $0.87 and $0.92. If it stays above this range, the price could rise to $1.00. However, if it drops below $0.87, the next support level is at $0.78.

Will ADA Surge Again?

Even though ADA is struggling right now, analysts believe its price could follow the same path as the 2020 bull run. If this happens, ADA might see a significant rally, potentially reaching $6 in the future. For now, the market needs to stabilize before we see clearer signs of upward movement.

Note: This is not financial advice. Always do your own research before investing.