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**Cardano Breaks Long-Term Trendline as Analysts Eye Potential $3 Surge**
In a shocking turn of events, Cardano has broken its long-term trendline, sending the cryptocurrency soaring above the crucial psychological resistance level of $1. This development has prompted analysts to reassess their outlook and eye a potential surge towards $3.
According to recent reports, Cardano (ADA) has finally broken out of its long-term descending trendline, marking a significant shift in market sentiment. The analyst, Dan Gambardello, pointed out that this breakout pattern is reminiscent of the 2020 breakout, which led to a rally toward $3.09.
As a result, analysts are now eyeing potential growth toward $3 and potentially beyond, with some projecting a price increase of over 190% from current levels. This would represent an unprecedented surge in value for the cryptocurrency.
The current price action is supported by bullish signals, including the golden cross of the 50-day MA above the 200-day MA. According to Deezy, this pattern has historically resulted in significant gains, with a potential increase of up to $3.00 within the next 27 days.
Furthermore, the analyst, Christopher Visser, highlighted that the MACD crossover is indicating growing market interest and strengthening momentum. He also compared the current setup to the 2020 breakout, which led to a 62% rally.
The current bullish signals have also been supported by broader altcoin market trends, including a drop in Bitcoin dominance of about 5% since May 16th, and ETH/BTC reaching new highs of 56%. These shifts typically precede altcoin rallies.
The analyst community is divided on the potential surge, with some experts suggesting that ADA’s price increase could be driven by institutional involvement following ETF approvals. Others believe that these bullish signals are strong enough to propel the cryptocurrency beyond its current resistance at $1 and potentially toward $3.
As a result of this unprecedented growth, the Cardano market has responded positively, with investors scrambling to secure their positions and capitalize on the potential gains.
Source: coincentral.com
