While the cryptocurrency market in general is back in the green, Cardano (ADA) has been one of its best performers, managing to gain over 10% in a single day, and historical price action suggests more significant increases could be in store starting December for the eighth-largest cryptocurrency by market capitalization.
Specifically, Cardano’s current consolidation trend is eerily similar to that of the 2018-2020 phase, save for the Covid-19 crash, which means that ADA could break through the $0.45 resistance in the first week of December, according to the analysis by crypto expert Ali Martinez in an X post on November 16.
Indeed, should really (the price) history repeat itself, the crypto trading analyst believes that the ensuing upswing could send Cardano to $0.075 by late December 2023 and possibly even reach a new all-time high (ATH) at $4.50 by July 2024, as per Martinez’s comprehensive chart pattern analysis.
Cardano price analysis
Meanwhile, Cardano was at press time changing hands at the price of $0.405, which represents an increase of 10.72% in the last 24 hours, a 9.11% gain across the previous seven days, adding up to the impressive advance of 61.05% on its monthly chart, as per the latest data retrieved on November 16.
All things considered, Cardano could indeed reach the price set by the crypto expert, particularly as the team developing its network continues to work hard on its expansion, recently demonstrated through the partnership with Polkadot (DOT) and the release of the newest research paper on its scaling solution Mithril.
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Source: https://finbold.com/cardano-price-action-mirrors-2018-2020-is-0-75-next/