ADA mirrors 2020 cycle, testing key 0.5 Fibonacci level near $0.85 with bullish indicators.
Whales accumulate 200M ADA in 48 hours as open interest climbs to $1.44B.
Support at $0.784–$0.755 may fuel a move toward $0.852–$0.87 in the short term.
Cardano (ADA) is currently trading at $0.7855 and is showing a price pattern similar to its last market cycle. The structure is unfolding more slowly, yet it appears to be at the early stage of what could be a large upward move.
ADA Price Structure Mirrors Previous Cycle
Ali Martinez, a well known crypto analyst, reported that ADA has cleared the 0.382 Fibonacci retracement level near $0.62 and is testing the 0.5 level close to $0.85. In the 2020 cycle, surpassing the 0.5 level triggered a rapid rally toward $3.10.
https://twitter.com/ali_charts/status/1954492671730618637
The current market movement is slower compared to the earlier cycle, yet the chart shows a similar structure. Martinez marked the “We’re here!” point on the past chart just before ADA’s major rally began. If price action repeats, potential targets could include $1.15 and $1.78 before challenging the all-time high.
Technical indicators remain favorable, with the relative strength index at 63, suggesting room for growth before overbought conditions. A daily close above $0.85 is seen by analysts as a potential trigger for further gains.
Whale Accumulation and Market Support
According to an observation by Santiment, whale investors have bought more than 200 million ADA in the past 48 hours. This buying coincided with a price increase from about $0.74 to $0.82 before a slight pullback.
Data from CoinGlass shows Cardano’s futures open interest rising from $1.20 billion on August 3 to $1.44 billion on Monday. Funding rates have also turned positive, which often signals growing trader confidence in price increases.
Support levels are currently seen at $0.784, $0.769, and $0.755, with buyers historically active in these zones. If ADA holds these levels, analysts project a possible short-term move toward the $0.852–$0.87 range. Recent ecosystem updates, including the Hydra scaling protocol upgrade and the Midnight Network token airdrop, may further support long-term adoption and network use.
The post Cardano Analyst Says “We’re Here!” as ADA Mirrors 2020 Cycle but Moves at Slower Pace appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
