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According to crypto analyst Ali, Cardano (ADA), the eighth largest cryptocurrency by market cap, might be a candidate for a potential breakout based on its previous performance and patterns.
This prediction is based on the fact that ADA has followed a peculiar trajectory in the past and that it could repeat the same pattern in the future.
According to Ali, should the patterns seen for Cardano align and mirror its late 2020 price behavior, ADA can be anticipated to remain in a consolidation phase until April 2024, setting the stage for its next bull rally.
Cardano's historical pattern saw a consolidation pattern in late 2020 before its historic 3,217.49% leap to $3.06 in the year that followed.
Should the patterns align and #Cardano mirrors its late 2020 price behavior, we can anticipate $ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! pic.twitter.com/xEKu1LQRRo
If history repeats itself in the case of Cardano, Ali projects that ADA might continue in its range till April 2024 before breaking out and then surging 1,767.67% to a target price of $7.919.
The timing of Cardano's breakout coincides with the Bitcoin halving, which many estimate will occur in April 2024.
The fourth Bitcoin halving is predetermined to occur at block height 840,000, although the exact date is unknown due to the natural variability and probabilistic nature of mining blocks. A widely held date is April 23, 2024.
Regarded as a bullish event, Bitcoin halving could have a significant impact on the crypto market. Historical data suggests that the Bitcoin halving tends to trigger a bullish market cycle as it reduces the supply of new Bitcoins, thus increasing demand and scarcity.
As a result, the price of Bitcoin tends to rise in the months leading up to and following the halving, and this also affects the prices of other cryptocurrencies, such as ADA.
It should be noted, however, that past performance does not guarantee future outcomes. At the time of writing, ADA was down 2.58% in the last 24 hours to $0.506.
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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