An analyst has explained that if history repeats for Cardano, its price could resume its uptrend and rally to $7. Here’s when this could happen.
Cardano Could Follow Same Price Trajectory As Back In 2020
In a new post on X, analyst Ali has discussed how ADA’s latest consolidation phase has been mirroring its trend from late 2020. Below is the chart that the analyst has shared for the cryptocurrency.
As Ali has highlighted in the graph, ADA had been stuck inside a phase of consolidation for a couple of years in the lead-up to the 2021 bull run. Back then, the asset had been moving inside a parallel channel.
A “parallel channel” in technical analysis refers to the area made up of two parallel trendlines inside which the price of any commodity moves for a period of time.
The upper line of such a channel generally provides resistance to the price and can thus be a probable point of a local top. Similarly, the bottom line can act as support and help the asset bottom out.
Sustained
We współpracy z: https://www.newsbtc.com/news/cardano/cardano-7-analyst-predicts-ada-resume-uptrend/
