Cardano’s native token experienced an upsurge, alongside various alternative cryptocurrencies, fueled by growing optimism among investors in the broader market. With a remarkable monthly gain exceeding 55%, ADA reached a price level reminiscent of April, briefly touching $0.40 this week.
This positive momentum has the potential to boost ADA to surpass a significant resistance level in the near future. New data also indicates that the ongoing consolidation phase closely resembles an interesting period from the recent past.
Cardano (ADA) Poised For More Growth?
According to the latest tweet by prominent crypto analyst Ali Martinez, the current consolidation pattern in Cardano “eerily mirrors” the period from 2018 to 2020, excluding the COVID-19 market crash. In such a case, there’s a possibility that ADA might surpass the $0.45 resistance around the initial week of December.
If the upward momentum continues, there’s potential for ADA to reach $0.75 by the end of December, the a
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