Crypto trader Ali has identified a potential descending triangle pattern on Cardano’s daily price chart that could propel a 32% ADA surge if it breaks out upside. He also sees history repeating itself to drive a new all-time high above $7 by 2025.
In his analysis, Ali notes Cardano making lower highs and finding consistent support, carving the lines of a descending triangle spanning over a month now. This bullish formation often resolves upward, with a measured target around 38% higher emerging from the widest part of the triangle.
Also read: Cardano (ADA) Price Prediction: Mid-February 2024
For Cardano, Ali sees a sustained daily close above the triangle resistance level around $0.53, triggering the start of this rally. Such a decisive move would set the cryptocurrency up to ascend as high as $0.68 if bulls take the reins.
Could ADA surge soon?
In line with that short-term outlook, Ali earlier highlighted longer-term parallels he sees between Cardano’s current price action and behavior preceding its monstrous 2021 bull run. He claims the structure of ADA’s recent candlestick chart patterns looks almost identical to activity in early 2021 before its massive breakout.
If past proves prescient once more and history indeed repeats itself, the trader suggests Cardano could stage an equally parabolic 287-day climb culminating in 1,700%+ gains. By his measure, that type of fifth-wave impulse rally would push ADA to a new record of around $7.92 at its next peak.
Also read: Kaspa (KAS) Surges 20%, Eyes Bullish Momentum In February
Of course, acting on lofty long-term projections always carries risk. However, with Cardano appearing to form a textbook bullish setup ripe for ignition, Ali’s short-term target looks increasingly achievable on a technical basis alone.