Cardano’s Current Consolidation Trend Mirrors 2018-2020; Analyst Predicts Major Upswing by December if ADA Breaks This Resistance
Cardano’s ADA token has been stuck in a lengthy consolidation period, but its current price action bears striking resemblance to a previous multi-year accumulation range. If history repeats itself, a major upside breakout could be on the horizon.
According to trader Ali, ADA’s trading range since 2021 looks eerily similar to its consolidation from 2018–2020. The only noticeable difference is the absence of the COVID-induced crash.
During the previous accumulation phase, Cardano traded mostly between $0.03 and $0.10 before going parabolic in 2021.
Based on the symmetry in price action, Ali suggests that ADA could be gearing up for a bullish December. Specifically, he sees Cardano potentially surging above the current $0.45 resistance zone around the first week of December.
This breakout could spark enormous momentum that sends ADA surging toward the $0.75 level by late December. While nothing is guaranteed, the analogous price action adds credence to this constructive outlook.
Read also:
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Of course, ADA will need to overcome stiff overhead resistance in the low $0.40s first before such bold targets come into play. But if Cardano history is repeating itself, traders may want to keep a close eye on ADA throughout November. The consolidation could be nearing its climax, with fireworks in store for December.
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