Cardano has been one of the best performing assets on low timeframes. The top cryptocurrency is hinting at further profits, as the Bitcoin price crosses a new all time high and the much awaited altcoin season approaches.
At the time of writing, Cardano trades at $0.74 with a 18% profit over the past 24 hours. On higher timeframes, the cryptocurrency records a 28% profit followed by XRP’s 20% gains over the same period.
Analyst Says Cardano Will Replicate a Historical Bull Run
Unlike Ethereum and XRP, the Cardano price has been more consistent with its past performance. In that sense, analyst Ali Martinez pointed to the formation of a bullish pattern for ADA that could propel the digital asset above the critical level around $1.
The analyst claims that the $0.55 support for Cardano has been a key support on high timeframes. The last time the cryptocurrency dropped to this level in April this year, as seen on the chart below, ADA was able to rise to over 55% and touched the $0.85 mark.
‘It’s happening again’ said Martinez while pointing at the bullish momentum driving Cardano since it touched the bottom of this parallel channel. If the cryptocurrency can sustain this drive, it is likely to touch its May highs before meeting critical resistance.
ADA Could Trend Even Higher, Bullish Price Targets
A separate analyst also took note of the Cardano price action and the way it seems to be mirroring past patterns. The analyst claims that Cardano is entering a critical breakout zone.
However, unlike Martinez, the analyst is more bullish and believes the ADA price might rally as much as 212% over the coming weeks. The analyst placed a bullish price target for the Cardano price at around $1.7.
The analyst stated the following while sharing the chart below:
$ADA is now testing the 50-week EMA. The last 2 times it crossed this line, it went up 212% and 128%. If history repeats, we will be looking at $1.77 $ADA. Are you ready for the pump?
In the long term, the analyst expects to see ADA hit $5 driven by its recent announcements, including a partnership with Tx Pipe to accelerate developer growth in Argentina that is set to benefit the Cardano ecosystem.
On this partnership, Charles Hoskinson, CEO of IO, said:
Their team represents the best of what Argentina’s developer community has to offer, and together we are building a foundation for long-term ecosystem growth. Our collaboration also fulfills the broader vision of making IO Buenos Aires a crypto hub.
Cover image from ChatGPT, ADAUSD chart from Tradingview
