Cardano (ADA) To Break $8 In Bull Run: Analyst Predicts Timeline

Keshav Verma

1 year ago

3 mins read

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An analyst has explained that if history repeats for Cardano (ADA), its price could break $8. Here’s when this might happen for the asset.

Cardano Has Been Mirroring Past Price Pattern Recently

In a new post on X, analyst Ali has discussed a potential breakout happening in the weekly price of Cardano. ADA has appeared to have surged above a long parallel consolidation channel in this latest breakout.

Below is the chart shared by the analyst that shows this recent pattern in the price of cryptocurrency.

The pattern that the ADA weekly price has been displaying recently | Source: @ali_charts on X

As the graph shows, ADA had been moving inside a parallel channel until the recent surge toward the upside came. In technical analysis, a “parallel channel” refers to the region enclosed by two parallel trendlines.

This pattern forms when the asset trades sideways inside a specific range. The upper line of the channel can be a source of resistance for the asset; thus, reversals towards the downside can likely take place after retests of it. Similarly, the lower line can be a probable point for bottoms to take form.

However, breaks out of either of these lines imply a potential strong continuation of the trend in that direction. This means an escape above the channel can be a bullish signal for the price, while a drawdown under it can be a bearish predictor.

During 2019-2020, Cardano was also stuck in consolidation inside a parallel channel similar to the one witnessed recently, as Ali highlighted in the chart.

In this previous period, the cryptocurrency had eventually managed to break above the channel, leading to the 2021 bull run. In total, the asset enjoyed a rally of 3,200% back then.

The coin’s trajectory inside the latest channel ended up being similar to that one, and recently, the ADA price has also broken beyond the channel in a fashion that has been reminiscent of the break of the previous one.

After the previous break, the coin rallied for a bit and then returned to retest the upper level of the channel, which has been repeated this time as well.

The difference this time, however, is that Cardano appears to be heading up now, which took a bit more time to happen last time around.

“The Cardano breakout may come earlier than expected!” notes the analyst. “Still, if history repeats itself, we are anticipating ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025!”

If the cryptocurrency follows this path set by history, the rally toward the $8 level would mean a total uplift of more than 1,200% from the coin’s current price.

ADA Price

Cardano has enjoyed a surge of more than 11% in the past week and has risen to the $0.60 mark.

Looks like the price of the coin has been rapidly moving up in the last few days | Source: ADAUSD on TradingView

Featured image from Shutterstock.com, charts from TradingView.com

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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