The cryptocurrency market is known for its volatility and the constant search for patterns that could potentially predict future price movements. In this context, a prominent analyst known as Ali, with a substantial following of over 50,000 on the social media platform X, has drawn parallels between Cardano’s (ADA) current price action and a familiar pattern observed from 2018 to 2021.
Currently trading at around $0.66, Ali suggests that ADA’s price could resemble the previously observed fractal pattern. For those unfamiliar with the term, a fractal is a recurring pattern that displays self-similar characteristics at different scales.
According to Ali’s analysis, if the fractal pattern continues to play out, ADA could consolidate within the range of $0.55 to $0.80 over the coming weeks. This consolidation phase is often seen as a period of accumulation and price discovery before a potential breakout.
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Show more +After this consolidation period, Ali anticipates a surge in ADA’s price, potentially reaching the $1.70 level. It’s worth noting that $1.7 represents a significant upside from the current trading price, highlighting the bullish sentiment expressed by the analyst.
However, Ali’s projections don’t stop there. Following the potential rally to $1.7, the analyst expects another period of consolidation, which could then set the stage for a more substantial breakout, targeting the ambitious level of $5 per ADA token.
It’s important to remember that these projections are based on technical analysis and the identification of potential patterns. While technical analysis can provide valuable insights, it is not an exact science, and price movements can be influenced by various factors, including market sentiment, news, and regulatory developments.
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