Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst Scrambler has drawn attention to a bullish pattern that is forming for the Cardano price, which could lead to a massive breakout for the altcoin. The analyst noted that ADA might be repeating, with market conditions mirroring the ones that led to an all-time high (ATH). Cardano Prices Eyes 285% Rally To New Highs
In a TradingView post, Scrambler predicted that the Cardano price could soon record a 285% rally to reach $2.05. He noted that the 285% potential move mirrors ADA’s past rally from similar conditions. The analyst added that if market sentiment continues improving and the Bitcoin priceholds above key levels, then the altcoin might repeat history. Related Reading A Breakout To Remember: Cardano Price Mirrors Market Conditions That Led To $3.10 ATH 6 hours ago
Further commenting on the Cardano price action, Scrambler stated that ADA is showing a major breakout from a long-standing descending channelon the daily timeframe. He highlighted the structure, alluding to a downtrend channel that has been respected for around seven months. He also noted that a breakout has been confirmed with a strong bullish daily candle. Meanwhile, price is hovering around $0.7192, above previous resistance. Source: Scrambler on Tradingview
Scrambler stated that the support levels for the Cardano price are $0.60 and $0.5299. The resistance and long-term targets are $0.8158, $1.0876, $1.3159, and $1.8958. Meanwhile, the ultimate target is the Fibonacci extensionabove $2.76. The analyst stated that a pullback to between $0.60 and $0.66 could offer re-entry opportunities.
Regardless of what happens to the Cardano price in the short term, Scrambler remains bullish in the long term and expects ADA to reach new highs. The analyst also advised market participants to watch for the BTC/ETH correlation. It is worth noting that ADA has shown impressive strength amid this recent crypto market rally. The altcoin has risen by over 25% in the last seven days, despite a recent pullback. ADA To Breakout Against Its BTC Pair
In an X post, crypto analyst Sebastian stated that the ADA/BTC chart appears to be ready for a breakout. The analyst added that this is the most important breakout that market participants want to see, with the Cardano priceseparating itself from the Bitcoin price. Once that happens, the altcoin is likely to outperform the flagship crypto during that period. Related Reading A Breakout To Remember: Cardano Price Mirrors Market Conditions That Led To $3.10 ATH 6 hours ago
Sebastian had earlier notedhow Bitcoin’s dominance could be breaking down. Based on this, he remarked that alcoins like Cardano are about to rally if this happens. A break in Bitcoin’s dominance could usher in altcoin season, which is bullish for the Cardano price. In the meantime, ADA’s performance still hinges on BTC’s performance.
At the time of writing, the Cardano price is trading at around $0.72, down almost 4% in the last 24 hours, according to datafrom CoinMarketCap. ADA trading at $0.73 on the 1D chart | Source: ADAUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com