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ZyCrypto 2025-01-17 21:35:44

Pundit Spots Similar Patterns in Cardano and XRP — Is ADA Set for a 400% Move?

This week, Ripple’s XRP stole the spotlight by hitting seven-year highs, surging nearly 45% in just seven days. Notably, on Thursday, the third largest crypto asset by market capitalization asset reached $3.39, with a market cap of just over $190 billion, following a series of favorable developments in its ongoing legal battle with the SEC. XRP’s explosive growth has also been attributed to renewed optimism about regulatory clarity and increased institutional adoption of RippleNet. Open interest in XRP futures hit a record $7.7 billion, reflecting heightened trading activity. Following XRP’s remarkable surge, some analysts are speculating whether Cardano (ADA) c ould be next in line for a similar breakout. On Thursday, prominent analyst “CryptoBullet” highlighted a striking similarity between Cardano’s current price action and XRP’s recent bullish pattern. “Looks like ADA is going to follow XRP as its printing the same Bullish Pennant,” CryptoBullet tweeted, suggesting that, if the pattern completes its mature move target, ADA could potentially surge by over 400% in the next few weeks. Another expert, “World of Charts,” echoed this sentiment, suggesting ADA could surge toward $2 in the short term if it breaks out of its current bullish pennant. Elsewhere, the analyst “Cardano Hieronymus” suggested that ADA’s price action might mirror its 2021 performance, as the current formation appears to replicate an exact pennant pattern from that time. Notably, in 2021, $ADA skyrocketed from $0.18 to $3.10, achieving an impressive 1,622% surge. Beyond technical indicators, several key fundamentals bolster ADA’s bullish momentum. Notably, the cryptocurrency recently added over $1 billion in market capitalization within a single day, and its price reached $1.11. This growth is attributed to optimism around crypto regulations in the U.S. after Trump assumes office, whale accumulation, and ongoing developments in Cardano’s Layer 2 solutions, which aim to improve scalability, security, and privacy. On Tuesday, technical analyst Ali Martinez revealed significant whale activity, with whales accumulating 100 million ADA in 48 hours, fueling the current upward trend. Later on Thursday, Martinez further reported that whales had added another 30 million ADA in just the last 24 hours. This consistent accumulation throughout the month underscores growing confidence among large investors. As XRP sustains its impressive rally, the crypto community is turning its attention to Cardano, speculating whether history could repeat itself. A decisive breakout above the multi-month resistance at $1.15 might signal the beginning of a major upward trend, potentially driving ADA to a new all-time high. ADA traded at $1.16 at press time, reflecting a 3.86% gain over the past 24 hours.

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