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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

A Breakout To Remember: Cardano Price Mirrors Market Conditions That Led To $3.10 ATH

Scott Matherson
Scott Matherson
3 weeks ago
3 mins read
Cardano

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Crypto analyst Scrambler has drawn attention to a bullish pattern that is forming for the Cardano price, which could lead to a massive breakout for the altcoin. The analyst noted that ADA might be repeating, with market conditions mirroring the ones that led to an all-time high (ATH). 

Cardano Prices Eyes 285% Rally To New Highs

In a TradingView post, Scrambler predicted that the Cardano price could soon record a 285% rally to reach $2.05. He noted that the 285% potential move mirrors ADA’s past rally from similar conditions. The analyst added that if market sentiment continues improving and the Bitcoin price holds above key levels, then the altcoin might repeat history. 

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Cardano

A Breakout To Remember: Cardano Price Mirrors Market Conditions That Led To $3.10 ATH

3 weeks ago

Further commenting on the Cardano price action, Scrambler stated that ADA is showing a major breakout from a long-standing descending channel on the daily timeframe. He highlighted the structure, alluding to a downtrend channel that has been respected for around seven months. He also noted that a breakout has been confirmed with a strong bullish daily candle. Meanwhile, price is hovering around $0.7192, above previous resistance. 

Cardano
Source: Scrambler on Tradingview

Scrambler stated that the support levels for the Cardano price are $0.60 and $0.5299. The resistance and long-term targets are $0.8158, $1.0876, $1.3159, and $1.8958. Meanwhile, the ultimate target is the Fibonacci extension above $2.76. The analyst stated that a pullback to between $0.60 and $0.66 could offer re-entry opportunities. 

Regardless of what happens to the Cardano price in the short term, Scrambler remains bullish in the long term and expects ADA to reach new highs. The analyst also advised market participants to watch for the BTC/ETH correlation. It is worth noting that ADA has shown impressive strength amid this recent crypto market rally. The altcoin has risen by over 25% in the last seven days, despite a recent pullback. 

ADA To Breakout Against Its BTC Pair

In an X post, crypto analyst Sebastian stated that the ADA/BTC chart appears to be ready for a breakout. The analyst added that this is the most important breakout that market participants want to see, with the Cardano price separating itself from the Bitcoin price. Once that happens, the altcoin is likely to outperform the flagship crypto during that period. 

Related Reading

Cardano

A Breakout To Remember: Cardano Price Mirrors Market Conditions That Led To $3.10 ATH

3 weeks ago

Sebastian had earlier noted how Bitcoin’s dominance could be breaking down. Based on this, he remarked that alcoins like Cardano are about to rally if this happens. A break in Bitcoin’s dominance could usher in altcoin season, which is bullish for the Cardano price. In the meantime, ADA’s performance still hinges on BTC’s performance. 

At the time of writing, the Cardano price is trading at around $0.72, down almost 4% in the last 24 hours, according to data from CoinMarketCap.

Cardano
ADA trading at $0.73 on the 1D chart | Source: ADAUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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