Christopher Viser identifies a rare bullish pattern for Cardano with multiple MACD indicator crossovers.
Bollinger Bands show pressure on volatility, indicating potential sharp movements.
The four-year consolidation pattern indicates a 350% rise to the target level of $3.91.
Analyst Christopher Viser identified what he called a critical breakout opportunity for Cardano, predicting that the price of ADA could reach $3.91 if the current technical patterns hold.
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The cryptocurrency's price traded at $0.8526 after a daily increase of 9% and a weekly increase of 18%, placing it near key resistance levels that have constrained price movement since 2021.
Viser highlighted the convergence of several technical indicators to create favorable conditions for upward movement. His analysis focuses on MACD crossovers across different time frames, where two-hour crossovers have already completed, and four-hour and six-hour crossovers are approaching similar convergence points.
Technical convergence reflects previous bullish conditions.
The analyst noted that the previous major rise in the ADA index occurred when daily MACD crossovers happened simultaneously on four-hour and six-hour intervals. The current setup conditions appear 'almost identical' to this scenario, suggesting the possibility of a similar price acceleration if patterns repeat.
Viser emphasized the pressure of the Bollinger Bands on the six-hour charts, as the bands tighten around the midpoint near $0.7975 to $0.8051. This pressure from volatility creates conditions for sudden movements when the price eventually breaks the compressed range.
The analyst explained that this tight pressure on the Bollinger Bands occurs less frequently on higher time frames, making current conditions more indicative of directional movements. Previous similar pressure situations have preceded sharp bullish price movements in the ADA index.
The four-year consolidation pattern is nearing recovery.
Cardano has traded within a massive wedge pattern for four years, bounded by a descending resistance level from its 2021 highs and support at around $0.23. This prolonged consolidation period has led to two previous breakout attempts, reaching $1.63 and $1.32 in 2022 and 2024 respectively.
Analysis of trading volume shows intense trading activity between $0.73 and $0.74, establishing strong support levels below current prices. Above current levels, trading volume decreases, indicating fewer historical trades and a potential decrease in resistance during upward movements.
The range of the consolidation pattern indicates the potential for a significant price movement upon improvement. Viser's target of $3.91 represents gains of over 350% from current levels, although he did not specify a timeline for achieving this.
This prediction aligns with other bullish Cardano forecasts, although previous predictions did not materialize on time. Dan Gambardello's target of $3.00 on January 25 did not materialize based on historical patterns from Q4 2020 to Q1 2021, as expected.