Cardano ($ADA) has approached a technical indicator that could see its price surge significantly in the near future, at a time in which cryptocurrency market sentiment has been improving and prices have started rising.<\/p>\n
According to cryptocurrency analyst Ali Martinez, Cardano is on the verge of confirming a head and shoulders pattern, a charting formation that he says could lead to a 44% breakout, potentially catapulting ADA\u2019s price to $0.60.<\/p>\n
A head and shoulders pattern, it\u2019s worth noting, is a chart formation that predicts a bullish-to-bearish trend reversal, meaning an inverted one means a bearish-to-bullish reversal.<\/p>\n
The pattern is characterized by a baseline with three peaks, where one is larger than the other two, resembling a head and two shoulders. It\u2019s considered one of the most reliable trend reversal patterns.<\/p>\n
The head and shoulders pattern could suggest Cardano is prepared for a bullish reversal and a potential substantial price hike. As CryptoGlobe reported, Cardano whales have recently went on a $218 million buying spree, purchasing an aggregate of 560 million ADA tokens.<\/p>\n
This trend points to a growing interest in Cardano among institutional investors and affluent individuals, suggesting a robust bullish outlook for the digital asset. As a rival to Ethereum (ETH) and other key market players, Cardano has been steadily gaining traction.<\/p>\n
The price of ADA could, according to Martinez, enter a bull run if it manages\u00a0break through a key level\u00a0that right now hosts a \u201ccolossal sell wall,\u201d made up of 3.85 billion tokens being sold. That wall is between $0.40 and $0.42.<\/p>\n
Notably, the cryptocurrency community is expecting the price of ADA\u00a0to drop during the month of April, even as its adoption keeps on growing and whales accumulate the network\u2019s native token.<\/p>\n
According to users who submitted price estimates, on average, respondents predicted that ADA would end the month of April trading at $0.37 per token, down significantly from its current price level.<\/p>\n