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Analyst Sees $6 ADA if Cardano Repeats Historical Breakout
Cardano (ADA) has been making headlines with its unpredictable price movements lately. According to analyst Ali Martinez, the token is poised for an upside reversal. Interestingly, he suggests that if Cardano follows a similar trajectory to 2020, it could extend the rally all the way to $6.
Martinez highlighted some intriguing similarities between ADA’s current behavior and its performance in 2020. Notably, he pointed out that the first major correction following the bull rally commenced at precisely the same time as the ongoing correction. If this historical pattern holds true, Martinez predicted a potential surge in price, reaching as high as $6.
It is worth noting that Andrew Griffith, another crypto analyst, shared a similar outlook for Cardano’s future performance. He emphasized that ADA has completed a significant turnaround and made an attempt to break above the $0.9350 level, suggesting it is ready for an upward trajectory. According to his analysis, the key resistance level is set at $1.0860.
As the situation remains fluid and unpredictable, discussions are emerging about Cardano’s potential for further bullish momentum. However, the current downtrend has not yet stabilized. As a result, traders have liquidated over $1.82 million in ADA long positions, which could potentially worsen the ongoing decline.
It is essential to conduct thorough research and consult with financial advisors before making investment decisions. The information presented does not constitute investment advice or recommendations and should not be taken as such.
Source: www.crypto-news-flash.com
