"It's the same as the 2020 surge"...Cardano dreams of a 300% rally

▲ Cardano (ADA)/AI generated image

An optimistic outlook suggests that Cardano (ADA) will end its long-term sideways movement and replicate patterns seen just before past bull markets, leading to a record-breaking surge of up to 300% within a few weeks.

According to crypto media outlet The Crypto Basic on April 28 (local time), Rick McCracken, a Cardano Stake Pool Operator (SPO), diagnosed that Cardano's current price movement bears an uncanny resemblance to the period in late 2020 when energy was accumulating before a massive surge. McCracken emphasized that despite recent market volatility, Cardano's technical indicators are sending strong rebound signals and urged investors to be patient.

The key reason McCracken highlights is the repetition of past cycles. In 2020, Cardano went through a tedious accumulation phase for several months, then recorded hundreds of percent in returns within just a few weeks, emerging as a market leader. McCracken analyzed, "The current downtrend has reached its limit, and selling pressure is virtually exhausted," explaining that a phase of breaking through the downtrend line and vertical ascent will come soon.

If this rally materializes, Cardano's target price is expected to be between $2.4 and $3. This figure requires a rise of over 300% from the current price level, but McCracken predicts it's a very possible scenario if Bitcoin (BTC) maintains stability and market liquidity flows into altcoins. Major auxiliary indicators, including the Relative Strength Index (RSI), are also showing signs of reversal as they move out of the oversold zone.

Active development within the Cardano ecosystem also supports these price forecasts. Network upgrades and increased smart contract utilization have made its fundamentals stronger than ever, and long-term holders continue to accumulate. McCracken commented, "Cardano is achieving real technological progress beyond mere price increases, and this will act as a powerful upward driver in the next bull market."

Cardano is currently establishing strong support and attempting to break through its overhead resistance. Market participants are paying close attention to whether McCracken's predicted 300% rally will materialize, closely watching for the occurrence of a golden cross of major moving averages and a surge in trading volume.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*