"It's exactly like the 2020 surge"...Cardano dreams of a 300% rally

▲ Cardano (ADA)/AI-generated image

An optimistic outlook has emerged that Cardano (ADA) will end its long-term sideways movement and reproduce 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 major surge. McCracken emphasized that despite recent market volatility, Cardano's technical indicators are sending strong rebound signals and urged investors to be patient.

McCracken's key rationale 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 in 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 vertical ascent, breaking through the downtrend line, 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 range, but McCracken predicted it is a sufficiently possible scenario if Bitcoin (BTC) maintains stability and market liquidity flows into altcoins. Key auxiliary indicators, including the Relative Strength Index (RSI), are also showing signs of reversal, moving out of the oversold zone.

Vigorous development activity within the Cardano ecosystem also supports these price predictions. Network upgrades and increased smart contract utilization have made the fundamentals more robust 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 the overhead resistance. Market participants are paying close attention to whether McCracken's predicted 300% rally will materialize, carefully watching for the occurrence of golden crosses in 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.*