Cardano Poised for Major Breakout, Mirroring Past Rally

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In a development that could pique the interest of investors, a keen observation of Cardano’s (ADA) historical price movements suggests that the cryptocurrency could soon witness a considerable uptrend. Analyst Ali points out a striking resemblance in ADA’s current chart pattern to that observed between 2018 and 2020. During that period, ADA experienced a consolidation phase within a defined channel before embarking on a dramatic rise.

The present pattern and its historic counterpart share common ground, most notably in the consolidation behavior of Cardano. However, there is one stark deviation—the COVID-19 crash—a dramatic drop in price which deviated from the established pattern due to the extraordinary circumstances introduced by the pandemic. Setting aside this anomaly, the parallels remain compelling.

Cardano’s recent climb towards the upper end of its current channel suggests an imminent breakout, akin to what transpired during the noted historical phase. When Cardano last exited its consolidation channel, it triggered an explosive rally. Ali’s prognosis is that if the pattern holds true, ADA could soon surpass the $0.45 resistance level and might well advance toward $0.75 by late December—a rally that could translate to an increase upwards of 70%. One might recall that following the previous channel breakout, ADA achieved an upswing nearing 3000% in the subsequent bull run.

Further backing this bullish sentiment is data from on-chain analytics firm Santiment, which highlighted a trend concerning the total number of Cardano wallets. Despite a recent downturn in the quantity of ADA wallets, which usually signifies small holders liquidating positions to larger investors at a loss, the price of Cardano has actually seen an uplift—a phenomenon that might be reoccurring.

At the time of reporting, ADA has faced resistance at the $0.45 mark, with its price retracting to $0.43 after attempting to breach this threshold. Nonetheless, the past few days have shown positive momentum for Cardano’s valuation.

This promising upturn for Cardano is not only of interest to cryptocurrency enthusiasts but also to those who monitor patterns and trends across various markets—a skill set equally relevant in the world of online gaming and wagering. Just as traders speculate on the next movements of ADA, gaming aficionados strategize to outwit chance and turn the odds in their favor.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.

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