Bold analysis: Has Cardano (ADA) turned to 2021?

Cardano (ADA), which has risen 180% in the last month, reminds us of the rally it had in 2021.

Cardano (ADA), an altcoin that has been around for years like XRP and Ethereum, has made a significant rise two years later. ADA started a bull run with Donald Trump's victory in the US elections. The popular altcoin has experienced a 179% increase in the last month.

AMBCrypto mentioned that ADA has recreated the rally formation it formed in 2021.

Cardano (ADA) analysis

According to AMBCrypto's analysis, if Cardano (ADA) continues the accumulation phase, it could record a 45% increase next week.

ADA entered into the formation it created in 2021. According to the chart analysis, if ADA price can hold at 1 dollar, it can touch the resistance point of 1.5 dollars in the formation.

ADA rose from $0.3 to $1 within three weeks at the beginning of 2021. During that period, ADA was able to hold at $1 and experienced a rise to $1.5. AMBCrypto argued that there is a high probability of a similar scenario happening three years later.

The analysis included the following statements;

"The next price movement of Altcoin can be determined in conjunction with BTC market dominance. A potential increase in BTC dominance will hinder ADA's positive trend or trigger ADA's potential decline."

In the analysis, it was also stated that if ADA closes below 1 dollar weekly, the price will drop to between 0.7 dollars and 0.8 dollars.

According to CoinGecko data, ADA recorded a trading volume of 3.25 billion dollars in the last 24 hours. The popular altcoin is spending the day at the level of 0.918 dollars.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.