[If history repeats itself, early ADA investors may gain 500%]
According to multiple indicators, Cardano could be on the verge of another major rally. According to the weekly chart, Cardano experienced significant growth between 2020 and 2021, with the price rising from $0.15 to $1.77, an increase of more than 1,000%. This rally was primarily driven by a bullish signal from the 50-day EMA crossing above the 100-day EMA, indicating a strong uptrend.
Currently, Cardano’s EMA is similar to what it was at the start of the previous bull run, with price around $0.39, indicating a potential breakout of the descending channel. If a successful breakout occurs, Cardano could grow 500% in the next six months, reaching $2.40.
Another indicator supporting the forecast is the MVRV ratio, which currently stands at 11.95%, showing investors’ preference to hold on to the asset, further reinforcing the bullish sentiment. Furthermore, according to the Relative Strength Index (RSI), the current price action is similar to previous increases. If bullish momentum continues, Cardano is expected to reach $0.70 by the end of 2024, but if buyer momentum wanes, the price could fall back to $0.27.