Cardano Breaks Out of Bull Pennant That Previously Led to 44% Rally

Cardano breaks out of a major bullish formation, with the setup sparking optimism that a notable price uptick is on the horizon if history ￰0￱ blue-chip asset is up 3% today, joining a broader market trend. However, according to historical data shared by top crypto pundit Lark Davies, ADA could ramp things up with a 44% price ￰1￱ Bull Pennant BreakoutSpecifically, he based this bullish outlook on a breakout from a bullish pennant on the daily timeframe ￰2￱ a period of price consolidation within the structure, which spanned from the August 14 high of $1.020 until September 7, Cardano has finally broken ￰3￱ Bull Pennant Breakout/Lark Davies Notably, this setup could spur a substantial price rally for ￰4￱ identified that ADA surged 44% in a few weeks the last time this ￰5￱ context, Cardano formed a similar pattern from a high of $0.935 in July 21 and trended within it until an August 3 ￰6￱ defying the pattern, it surged 44% to reach the current structure’s starting point at $1.02 on August ￰7￱ history may not actually repeat, it often ￰8￱ a result, Davis questioned if this might set ADA up for a 44% rally from its breakout point of $0.836.

Notably, this would see Cardano reach $1.205, which is 36% away from its current market ￰9￱ Confirmations of Cardano Price BreakoutMeanwhile, analyst Ali Martinez also confirmed that Cardano has broken ￰10￱ shared in an X post today, predicting that the token’s next target is $0.92. An accompanying chart also shows that ADA emerged from a bull pennant, but on the 4-hour ￰11￱ also broke out on September 7 and has sustained the breakout , supporting the bullish ￰12￱ Breakout/Ali Martinez The rally to $0.92 aligns with the 0.382 Fibonacci retracement level, representing a mere 4% rally from the current market price. Moreover, TapTools’ X handle highlighted the recent downtrend breakout, forecasting a potential rally to over $1.

Notably, there are much higher price expectations for Cardano, with a notable analyst claiming that selling below $5 is selling short of the token’s bullish potential this cycle.