A price movement that previously led to an explosive rise in Cardano (ADA) is again signing up. Analysts see striking similarities with last year’s price trend and are getting ready for spectacle.
Cardano course ready for spectacle, analysts say
According to an analysis of BitcoinSensus on X, a recurring course pattern is again visible on the Cardano graph. In earlier cycles an increase of 260 to 360 percent followed on a local soil, each time towards a new top. The analyst states that Cardano has again formed such a soil and counts on a possible increase towards $ 1.86. That would amount to a win of 260 percent since the dip around $ 0.51 in July.
Cardano has been on the rise since July. Over that period, the digital currency is at an increase of around 72.5 percent. Yet there still seems to be enough room for growth. The token still acts more than 71 percent under its all-time high of 3.10 dollars (achieved in September 2021)
Analyst Tyler Burke also joins optimism. He provides a possible outbreak towards 1.70 to 1.85 dollars, which is in line with the forecast of BitcoinSensus.
Burke, however, bases his analysis on another technical pattern: a so -called ‘Falling Wedge’. This is a falling triangle in which the price makes smaller results, and usually flows into an upward outbreak.
Midnight project breathes new life to Cardano
In addition, there are also fundamental developments that support further price increase. According to Cardano founder Charles Hoskinson, the upcoming launch of Midnight is a milestone for the ecosystem.
Midnight is a new Sidechain. It is a separate network that runs parallel to Cardano but does cooperate with it. It is designed to improve privacy and interoperability between block chains, making new applications possible. Consider, for example, the safe storage of medical records on the blockchain, where confidentiality is essential.
Hoskinson calls it “one of the biggest events ever” for the network.
In addition, there is an AirDrop for Midnight, where users are eligible for free Night tokens. You have a chance if you have a wide range of cryptos. Not only Cardano, but also holders of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) can participate, to name a few.
Source: https://newsbit.nl/260-stijging-voor-cardano-analisten-spotten-bekende-patronen/
