The price of Cardano (ADA) is showing strength in tandem with the general cryptocurrency markets, with an analyst forecasting that the current momentum could culminate in a new high at $6.
Specifically, an analysis by crypto trading expert Ali Martinez pointed out that the decentralized finance (DeFi) asset could reach this level based on historical price patterns and technical indicators, as he noted in an X post on November 15.
In the past, ADA price surges followed extended consolidation periods, with one significant rally pushing the token’s price by over 4,000%. A similar pattern appears to be forming now, suggesting another major rally could be on the horizon.
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If ADA follows its historical trajectory, the token could see a potential rise of over 2,000% from its current price of around $0.60, aiming for the $6 level by late 2025, between July and September.
More ADA bullish outlook
Meanwhile, Trend Rider’s analysis suggested that ADA has entered a parabolic phase. The analyst noted that continuing this bullish trend hinges on ADA maintaining its position above a critical support level at around $0.56.
On the one-day chart, the analyst highlighted a key trendline that must hold to keep the parabolic move intact. If ADA can stay above this level in the short term, it signals strong buying momentum and the potential for further gains.
As things stand, Cardano is likely to sustain this momentum based on key technical formations. To this end, ADA is beginning to form the bullish golden cross. This pattern usually occurs when the 50-day moving average crosses the 200-day moving average from below.
Generally, Cardano’s price action has benefited from the momentum around the crypto rally, which stems from optimism regarding Donald Trump’s election.
At the same time, ADA’s momentum has emerged from reports about a possible collaboration between Charles Hoskinson, the founder of Cardano, and President-elect Trump, who is expected to implement several crypto-friendly policies.
This comes amid reports of a possible new voting system in the United States that will likely integrate blockchain technology. Cardano is among the protocols reportedly being explored to facilitate this initiative.
ADA price analysis
ADA was trading at $0.6488 by press time, surging 18% in the last 24 hours. The DeFi token has been up significantly in the past week, gaining almost 45%.
Indeed, the current price movement has been in the making, as technical indicators suggested, with the formation of the bullish cup-and-handle pattern in recent weeks.
In conclusion, ADA’s technical indicators look solid for short-term price growth. However, attaining an all-time high of $6 in 2025 will need backing from the new administration’s crypto-related policies.
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