Renowned crypto analyst Alan Santana remains bullish on Cardano (ADA). Via TradingView he announced that he predicted a possible price increase of as much as 140%, based on his technical analysis.
Bullish wedge pattern indicates possible breakout
According to Santana, Cardano has formed a bullish wedge pattern, a technical pattern where the price falls within converging lines. This pattern often indicates an impending upside breakout. Additionally, ADA has maintained a higher low, confirming that buyers remain active even during corrections. This reinforces the expectation that the price can recover further and possibly reach a new all-time high (ATH).
Important turning points in Cardano’s course
Santana sees December 20 as a crucial moment for Cardano. Then ADA fell from a high of $1.30 to a local bottom of $0.79, a correction of 39%. Since then, the digital currency has staged a recovery with a 29% increase, bringing the price to $0.99. Santana interprets this recovery as the end of the correction phase and the beginning of a long-term uptrend.
Whales continue to show confidence
Another bullish signal is the buying behavior of Cardano whales. These wealthy investors see price drops as opportunities to purchase additional tokens. Crypto analyst Ali Martinez recently shared a graph showing that as much as 10 million ADA were purchased within 24 hours.
The behavior of whales is often a strong indication of confidence in a price recovery. This group has extensive market knowledge and advanced analysis tools, so their purchasing behavior can be an important guideline for other investors.
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Source: https://newsbit.nl/analist-waarom-cardano-koers-met-140-kan-stijgen/
