Based on its past performance and trends, Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, may be a contender for a possible breakout, according to cryptocurrency expert Ali.
This forecast is predicated on the observation that ADA has historically taken an odd path and that it may do so again in the future.
According to Ali, ADA may be expected to stay in a consolidation period until April 2024, laying the groundwork for its next bull surge, provided the patterns seen for Cardano line up and reflect its late 2020 price behaviour.
According to Cardano’s historical trend, there was a consolidation pattern in late 2020, which was followed by a record 3,217.49% jump to $3.06 in the following year.
https://x.com/ali_charts/status/1753797741472559125?s=20
In the event that Cardano’s past is repeated, Ali predicts that ADA may stay in its current range until April 2024 before breaking out and rising 1,767.67% to its goal price of $7.919.
Cardano’s breakthrough occurs at the same time as the Bitcoin halving, which most predict will take place in April 2024.
Due to the random and unpredictable nature of mining blocks, the exact date of the fourth Bitcoin halving is uncertain. It is scheduled to happen at block height 840,000. The date April 23, 2024, is a popular choice.
The halving of Bitcoin, which is seen as a bullish development, may have a big effect on the cryptocurrency market. Due to the fact that the Bitcoin halving lowers the quantity of new Bitcoins available, which raises demand and scarcity, historical data indicates that it often starts a bullish market cycle.
Because of this, the months before and after the halving often see an increase in the price of Bitcoin, which has an impact on the price of other cryptocurrencies like ADA.
But it should be remembered that past performance does not imply future results. As of this writing, ADA has dropped 2.58% to $0.506 during the previous day.
