Cardano (ADA) Price is Eyeing a Potential Rally to a New All-time High at $4.50

Cardano (ADA) price is eyeing a potential rally to a new all-time high at $4.50 due to the completion of a key market pattern known as ascending parallel channel.

Cardano (ADA) price is eyeing a potential rally to a new all-time high at $4.50 as it completes a key market pattern known as an ascending parallel channel. A breakout from this setup could see sixfold gains for ADA from current prices. This technical formation mirrors the channel setup that occurred in 2021, just before ADA soared 2,800% to $3.10.

At press time, Cardano trades at $0.766 after an 8.10% rally last week.

Cardano Price Could 6X After Breakout From Parallel Channel

Cardano’s price appears set for a rally to $4.50, according to a weekly chart. The chart shows ADA trading within an ascending parallel pattern, which often precedes upward breakouts and currently suggests the price of Cardano could 6X in the coming weeks.

A successful push past the upper trendline of the parallel channel neckline, around $0.7600, could spark a rally that would potentially pump the altcoin past the $1 psychological mark and bring it closer to the all-time high at $3.10.

The ascending parallel pattern is a bullish continuation pattern formed when the price is contained within two upward-sloping, parallel trendlines. This pattern typically indicates higher highs and higher lows, signaling the direction of the trend.

The price has already closed past the upper trendline of the parallel channel, and the target of $4.50 was calculated by adding the height of the parallel channel to the breakout point.

Moreover, Cardano’s Relative Strength Index lies at 51.49, suggesting the current price action is bullish.

Similar Bull Fractal Saw 2,800% Gains in 2021

Historical data shows that Cardano’s rally to a new all-time high in 2021 followed an ascending parallel channel pattern. According to TradingView, the price consolidated between $0.10 and $0.20, which was then followed by a massive 2,800% spike to $3.10.

Key Levels to Watch In Case Of Breakout

Cardano’s price has massive potential for a breakout rally after breaching the $0.75 resistance level. The next stop could be the $1 psychological mark, above which traders should watch out for three primary targets: $2.07, $3.10, and a new ATH around $4.50.

If buying pressure fades, Cardano’s price could fall below $0.3977 and lose the support level, which would further invalidate the bullish outlook.

Final Take

Cardano price forecast suggests Cardano is heading for a historic breakout, as signaled by the ascending parallel channel pattern, a previous market fractal that led to the 2021 rally and the formation of higher lows, which suggest sustained demand.

For a detailed, long-term Cardano Price Prediction 2025-2030: Read this

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