Cardano (ADA) on Track for New All-Time High; Over 70% Rally Soon?

A recent, very bullish analysis highlighted the potential rise of cryptocurrency Cardano (ADA) is on track to reach a new all-time high (ATH). According to expert known as “Tradecitypro” on TradingView, on the weekly timeframe, ADA is moving towards its ATH of $3,09, set on September 2, 2021. Could a 70%+ rally be in the offing?

“In the past few weeks, ADA has shown a strong uptrend, forming significant lows that serve as support levels for the price.”

According to analysis , currently, Cardano price is struggling with the resistance level at 1,2046 and if this level is broken, the next major resistance will be the ATH.

“The RSI oscillator entered the overbought zone during the price pump, reaching 82,87, and is now in a corrective phase, moving below the overbought level. Buying volume on recent candles has been substantial, supporting the trend and showing convergence.”

The analyst noted that in case of a correction, the first support level is at 0,7683, which the price has already reacted to once. In case of a deeper correction, the last support for this up leg will be at 0,4322. “The primary support levels are 0,3166 and 0,2427, which are critical and unlikely to be easily lost,” he added.

At the time of publication, Cardano’s price is trading at $0,9185, down 1.1% in the last 24 hours. In comparison, the current price is 70,21% lower than its all-time high.

Cardano Correction Mirrors 2020 Cycle; Will ADA Hit $6 Soon?

The cryptocurrency market is known for its ups and downs, and Cardano (ADA) is no exception. After a challenging week that saw its value drop by a significant 15%, ADA saw extremely low volatility on Sunday as the market sought stability. However, amidst this turbulence, signs of a potential bullish reversal are beginning to emerge, reigniting optimism among analysts and investors.

Despite the recent dip, ADA has shown resilience by bouncing back after testing a key support level around $0,80. This recovery has been fueling expectations for a potential turnaround in the market. A well-known name in the crypto community, analyst Ali Martinez, shared his perspectives on ADA’s future trajectory following this week’s pullback. Martinez noted a striking similarity between the current market scenario and the 2020 bull cycle .

In a post on X (formerly Twitter), Martinez highlighted that ADA is following an “eerily similar” pattern to its previous cycle. He pointed out that in 2020, the first major correction after the bull rally occurred at a similar time to the correction we are experiencing today. This observation led the analyst to make a bold prediction: ADA’s price could rise to $6 in the next cycle.