Cardano (ADA) is showing signs of a potential major rally reminiscent of its 2020 surge, with likenesses in current market structures suggesting a breakout could occur around November 18. This potential uptrend is particularly noteworthy as it may coincide with shifts following the U.S. election.
Well-known analyst Ali Martinez compares ADA’s current market patterns to those in November 2020, a period where the cryptocurrency experienced a remarkable 4,000% increase. This historical data signals a possible significant move upwards, possibly taking ADA to a bullish target of $6.30.
The chart and on-chain data support a bullish outlook, indicating that ADA’s trajectory could influence wider altcoin markets. A crucial technical level for ADA is the 200 EMA at $0.351, with breaking this resistance being critical for establishing an uptrend.
If ADA surpasses the $0.37 supply zone, it might jumpstart a robust bullish momentum. Failure to do so, however, may result in continued consolidation, postponing any impactful price movements.
