Key Points:
The ADA price confirms a bullish flag breakout, with a target increase of 100%–150%.
Long-term holders have held a record 15 billion ADA for over a year.
Cardano (ADA) shows signs of breaking out from months of consolidation, with some analysts expecting the price to at least double in the coming weeks.
According to analysis from Clifton Fx, Cardano's recent price movement has confirmed a breakout from a multi-month bullish flag pattern.
This breakout occurred after a steady rise from the lower trend line, with the ADA price now surpassing key resistance levels. Technically, such a breakout typically signals a strong continuation of the upward trend.
Clifton Fx's current forecast indicates a "massive bullish rally of 100-150%" in the coming weeks. In other words, if momentum holds, the price of ADA could rise to the range of $1.60 to $1.75. These levels were last seen during the rally at the beginning of 2024.
The bullish outlook for ADA comes against the backdrop of a significant price increase in the past 24 hours, with the Cardano token rising about 20% during this period to reach $0.99, marking a five-month high.
These gains highlight the renewed buying interest in the altcoin market, with ADA now being a popular candidate on traders' watchlists for high percentage volatility bets.
This includes Trader_Jibon, who predicts that the price of ADA will rebound to November's high of around $1.32, followed by the mid-2022 high of $1.63.
The bullish outlook for ADA is further supported by signs of a strengthening long-term holder (LTH) base.
As of Tuesday, 15 billion ADA has been held for over a year, suggesting reduced selling pressure amid the so-called "altcoin season" frenzy.
Meanwhile, retail interest in the broader altcoin market is on the rise.
Google Trends data shows that searches for "altcoin" have surged to their highest level since 2021, while interest in "Cardano" has reached a five-month high.
Historical data shows that similar spikes in interest often coincide with cycles of significant capital flowing from Bitcoin into altcoins, such as during the early 2018 ICO boom and the 2021 DeFi-NFT wave.
Related: Bitcoin hits new highs, traders ask: Is the BTC price peaking at $124,000?
Original article: “Cardano Analyst Predicts: A 150% 'Strong Bullish Rebound' May Be Coming in the Next Few Weeks”
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