Cardano’s ADA could be approaching a crucial turning point, with one analyst suggesting its current chart structure bears striking similarities to the setup that preceded its historic 2,000%
Cardano’s ADA could be approaching a crucial turning point, with one analyst suggesting its current chart structure bears striking similarities to the setup that preceded its historic 2,000% rally. However, before the next bull-market phase can take shape, ADA must reclaim two crucial price levels that could determine whether another explosive run is on the horizon.
In a recent X post, 360Trader shared Cardano’s weekly chart, highlighting similarities between ADA’s current market structure and the price action witnessed during its previous cycle. Despite the resemblance, the analyst believes the cryptocurrency has yet to confirm a bullish shift, noting that it remains stuck in a consolidation range and needs to reclaim key resistance levels.
360Trader identified $0.25 as the first hurdle to watch, explaining that a swift recovery above this mark would make ADA more interesting to traders. However, Cardano was still trading around $0.1997 at press time, per CoinGecko data, leaving it about 25.19% below the level.
The analyst also pointed to $1.37 as a much bigger milestone, describing it as the threshold that would signal the beginning of ADA’s next bull market phase. This means that even if Cardano manages to reclaim $0.25, it would still have considerable ground to cover before meeting the analyst’s conditions for a stronger bullish trend.
Drawing parallels with Cardano’s previous market cycle, 360Trader sees the possibility of another powerful upward move if the broader crypto market transitions into a bullish phase. The trader, however, stopped short of predicting how high ADA could climb, suggesting that investors may need to remain patient until the next altcoin rally gains momentum.
To put the historical comparison into perspective, a repeat of ADA’s 2,000% surge from its current price of $0.1997 would send the 18th-largest cryptocurrency to roughly $4.19. Such a move would take ADA beyond its former record high of $3.09.
