After undergoing a substantial pullback, the crypto space is on the verge to recover from the losses and regaining lost positions. Amid the bullish trend in the past couple of days, Cardano price also had broken from the prolonged consolidation. But with the fresh sell-off, the ADA price was speculated to re-enter the pattern. However, the rebound invalidated the downtrend keeping the hopes for a notable uptrend alive.
Cardano price appears to replicate a similar pattern it followed during the bull run during the first half of 2021. The asset after smashed its ATH around $2.5, suddenly dropped close to $1. Further, the asset bounced like a giant and rallied more than 200% to hit yet another ATH around $3.16. Currently, a similar jump could be on the cards as the consolidations are also alike.
As mentioned in the above chart, the asset previously trended within the falling wedge and also possesses a similar trend currently. No doubt it attempted to break the pattern and rally towards the north, yet experienced a retest. However, the rally is still in place as after a small correction the price may escalate back towards the immediate resistance around $2.6.
Once, the rally breaks through these levels and sustains without plunging back, the ATH will not remain much distinct. Moreover, the Cardano price may also range much higher than $3.16 in order to hit the predicted target at $4 initially. However, ADA price may also hit $5 with any positive updates within the ecosystem.