Cardano Just Retested the Level That Triggered Its Last 3,000% Parabolic Run: Analyst

A bullish price action could be imminent for Cardano, as a recent analysis identifies a recurring pattern that previously triggered an explosive move.

History Repeating for Cardano

Notably, the analysis comes as Cardano looks poised to post its fourth weekly red candlestick. During this period, which spans from late October, ADA has corrected from a high of $0.693 to its current market price of $0.467.

However, Crypto Patel highlighted that ADA has now reached a bullish order block, one with a history of marking the start of a parabolic expansion for the cryptocurrency. If past precedent is anything to go by, then he believes Cardano could fly from here.

For perspective, ADA saw a similar pattern during the previous cycle. In May 2020, it broke out of a descending trendline, sparking a rally past a former resistance zone around $0.107.