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Despite a recent pullback, Cardano (ADA) supporters are adamant that the cryptocurrency’s trend is consistent with the 2020 patterns. Most crypto community members observing ADA’s recent price development are discussing the potential of the crypto, projecting the possibility of a $6 for the digital asset before the bull run ends.
ADA’s price reached a $1.327 yearly high on December 3 before correcting. A 42% pullback saw ADA decline to $0.762 in less than three weeks. However, the cryptocurrency’s supporters believe the bullish momentum is intact, and the altcoin will repeat the achievements of the last bull cycle.
Related: ADA Price Jumps 223% in 30 Days: Cardano’s $2 Target Gains Traction
It is worth noting that the 2020 bull cycle marked Cardano’s most significant rally in history. The Smart Contract coin began the year at $0.032 before surging over 13,000% in a sustained rally lasting over 20 months. ADA traded for $0.3160 as of September 2021, marking a record price for the altcoin.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen recently highlighted a crucial indicator similar to the 2020 price trend. Cowen spotted some consistency in ADA’s risk level that could trigger a significant surge soon. ADA surged 1,800% under the same conditions in 2020, and crypto analysts believe the scenario could repeat itself.
Related: Cardano (ADA) Price Prediction 2024-2030: Will ADA Price Hit $5 Soon?
Apart from the risk level, the renowned analyst highlighted technical indicators that align with the bullish trend in ways similar to the previous cycle. It is worth noting that ADA’s consistency is not only with the U.S. dollar. The Smart Contract coin’s pairing with Bitcoin (BTC) reflects a similar pattern, boosting investors’ confidence about a potential rally.
In the meantime, ADA bounced off a $0.762 support after a recent crypto market pullback. The cryptocurrency traded for $0.890 at the time of writing. Analysts expect the ADA to return above $1 soon and boost investors’ bullish sentiment. That could form the tailwind to support ADA’s rally into the expected altcoin season in 2025.
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