Cardano Price Action Echoes Its 2018-2020 Pattern, Analyst Says ADA Could Consolidate At Current Levels Till This Date If The Trend Continues

Crypto trader Ali draws attention to Cardano’s intriguing price action, suggesting a resemblance to its 2018–2020 pattern. The trend prompts speculation of ADA consolidating around current levels until April, potentially paving the way for a resumption of the bull run.

Cardano’s price action draws parallels with the pattern witnessed between 2018 and 2020. If this historical echo persists, the expectation is that ADA could undergo a consolidation phase, maintaining current levels until April. Such a scenario could set the stage for a bullish resurgence.

altFINS provides a detailed technical analysis, offering insights into the near-term outlook, pattern type, and trade setup for Cardano.

  • Near Term Outlook: Bullish
  • Pattern Type: Pullback in Uptrend
  • Pattern Stage: Emerging
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Despite a bearish breakout from an Ascending Triangle pattern, Cardano’s price remains in an overall uptrend. The recent pullback near the $0.46 support level presents an attractive entry point for swing traders, with a potential upside target of $0.65.

The recommended Stop Loss (SL) is set at $0.43, with traders advised to set a price alert for timely action.

  • Trend: Downtrend in the Short-Term; Uptrend in the Medium- and Long-Term
  • Momentum: Bearish (MACD Line below MACD Signal Line, RSI below 45)
  • Nearest Support Zone: $0.46 (previous resistance), followed by $0.40 – $0.42
  • Nearest Resistance Zone: $0.65, then $0.75

The cautious optimism from Ali’s observation, coupled with altFINS’ detailed analysis, provides a comprehensive view of the Cardano price.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency