thecryptobasic.com
A fractal pattern that previously spurred a 260% gain in the price of Cardano has emerged again, raising optimism of a similar price action.
Cardano currently trades at $0.885, up less than 2% in the past 24 hours. This week’s 5.86% rally further pushed it away from a low of $0.782 attained in the first week of September, when a broader market sell-off impacted prices extensively.
Meanwhile, an outlook from Bitcoinsensus shows that Cardano could go way higher. His September 10 analysis identified a recurring bullish trend and its potential price outcome for ADA.
Again, the fractal play occurred, as Cardano regained momentum from the low and rallied 360% to a high of $1.330 in December 2024. Following a successful retest of the lows at $0.511 in June, it has resumed another uptrend, which Bitcoinsensus believes would take it past $1.
Specifically, he shared that the current bullish expansion eyes $1.860, a 260% rally from June’s lows. At the current market price, the rally to $1.860 would represent a 110% price growth.
Growing Open Interest Suggests Cardano Attraction
Meanwhile, Cardano has seen a growing interest among leveraged traders, as prices have appreciated over the past week. Its open interest (OI) has spiked by $250 million in less than a week to $1.79 billion.
The surge followed a brief cooling period, during which Cardano’s OI dropped from an all-time high of $1.87 billion on August 18 to $1.54 billion last week. The renewed futures activities suggest a rekindled interest in Cardano, which typically fuels price rallies.
Notably, sentiments that Cardano would rally in the coming weeks have been growing strong among market analysts, particularly as some suggest that the altseason looks inevitable. Crypto Patel is one such analyst, predicting that ADA is coiling up for an expansion to $7.