Cardano Bullish Price History About to Repeat Itself

Cardano (ADA) has joined the bullish bandwagon as price trends bear semblance to the 2018 – 2020 market era.

Cardano (ADA) has dramatically wriggled out of its bearish zone over the past week, soaring from a low of $0.4753 in the past week to its current price of $0.5158 after a 5.1% jump in the past 24 hours. While Cardano’s market capitalization has jumped by 5%, trading volume remains suppressed, down by 3.72% in 24 hours to $614,896,999.

Drawing inference on the Cardano price action, market analyst Ali Martinez said the current trends are similar to the 2018 to 2020 era.

Is Cardano History Calling Back?

The insight Martinez presented might not necessarily be good for Cardano’s short-term growth trends. This is because Cardano consolidated mostly in the 2018 to 2020 era, with the coin’s price hovering between 2 extremes from $0.028 to $0.1495, respectively. According to the chart presented, this 2018 to 2020 cycle lasted for about 665 days before it recorded a major breakout.

At the moment, Cardano’s price has also hovered from a low of around $0.2353 to a high of $0.5989. Notably, Cardano will not complete the 665 days as seen in the previous 2018 to 2020 cycle until around April 15, 2024.

In Martinez’s analysis, Cardano may continue to consolidate until this time comes, but the potential for an uptrend is enormous afterward.

Market and Ecosystem Catalysts

Despite the likelihood of the forecast coming to reality, market forces may shift the trend and help Cardano print a massive breakout before completing the 665 days.

The potential approval of a spot Bitcoin Exchange Traded Fund (ETF) product by the United States Securities and Exchange Commission (SEC) will likely impact Cardano as much as it will impact other altcoins in the market with a strong correlation to Bitcoin.

This sentiment is becoming integrated as even artificial intelligence chatbot Google Bard recently predicted what the price of Cardano might be after the forthcoming Bitcoin halving event. On the upside, Google Bard sees Cardano soaring as high as $2.5 to $5 after the halving event, underscoring how the protocol stands to benefit from this rare network event.