Cardano price prediction is showing signs of repeating a pattern from 2024, which previously led to a strong rally. Analysts and investors are closely watching key levels to determine whether Cardano price can sustain its recent gains and push higher.
Cardano Price Mirrors 2024’s Rally Pattern
According to cryptocurrency analyst Master Kenobi, Cardano price action is following a similar path to Q3 of 2024. At that time, ADA price suffered a sharp drop in early August, followed by a consolidation phase before surging. Presently, Cardano price has been trading sideways after a decline in early February, with strong similarities to the previous cycle. Master Kenobi noted that ADA price has not recorded a new low since the February dip, just as it did after the August 2024 drop. If the historical pattern repeats, analysts expect ADA price to break out in May, potentially reaching $2.5.
Key Levels for Cardano Price
At the time of writing, Cardano price stands at $0.6646, trading below its all-time high of $3.10. Technical indicators suggest that ADA price is currently at a key support level around $0.60. Holding this level could strengthen bullish sentiment, increasing the likelihood of a breakout. The next major resistance for Cardano price is at $0.80, where previous sell-offs occurred. If ADA price can surpass this barrier with strong buying volume, it could set the stage for a push toward $1. On the downside, failing to hold the $0.60 support may result in a decline toward the $0.50 level. A breach below that could signal further downside risks for Cardano.
Whale Accumulation Boosts Price Outlook
On-chain data indicates that whales have been accumulating ADA, signaling growing confidence in Cardano price. Large investors are increasing their holdings, which historically precedes a strong upward movement. This accumulation suggests that ADA price could benefit from renewed buying pressure, reinforcing the bullish case for Cardano. Furthermore, there is increased activity on Cardano’s blockchain, with even more projects being developed on the Cardano ecosystem. This would further provide a boost to ADA price due to the increased usage of the network’s native cryptocurrency. Pundits believe this will likely improve ADA’s stability and increase its potential for future appreciation due to the rising interest in Cardano.
According to the analysis of Master Kenobi, ADA price is likely to experience big movements. If this is the case, Cardano may experience a buying pressure and may likely skyrocket to $2.5. However, for this to happen, ADA price must stay in the bullish trend and break through major resistance levels. Traders and analysts will be observing the ADA price more closely in the upcoming weeks. A clear breakout of the 0.8000 level may be considered decisive and could result in a rally; otherwise, it may be prone to a series of pullbacks. The market reaction will show whether Cardano’s price follows this pattern and moves to new highs.
