🔴 A well-known technical analyst sees that Cardano (ADA) could repeat the strong breakout scenario it experienced in 2020, based on a clear technical similarity on the weekly timeframe.
Analyst Quantum Ascend sets a conservative and safe target near $5, while the main upward target in the bullish market scenario is around $10.
His analysis relies on a long-term triangular model (E-Wave) with confluences of Fibonacci levels and trend lines, which reinforces the strength of the price targets.
The $5 area is considered a near target due to the convergence of several technical signals, while the $10 level is supported by Fibonacci extensions and a similar relative performance to other currencies.
The analyst expects the end of the correction phase and the beginning of a strong upward wave for altcoins, outperforming Bitcoin in the final stage of the cycle.
Currently, ADA is trading near $0.40, and these expectations are a technical analysis and not a guarantee, relying entirely on upcoming market conditions.
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