Popular cryptocurrency analyst Ali Martinez has identified a technical indicator that suggests this Cardano ADA/USD could be on the cusp of a significant price increase.
What happened: The analyst announced this to his 23,800 followers Twitter that ADA is on the verge of confirming a head and shoulders chart pattern after approaching a major technical level.
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The pattern, which predicts a trend reversal from bullish to bearish, could see the price of Cardano break out as much as 44% and rally to $0.60.
The head and shoulders pattern is an indicator of trend reversals. It is characterized by a baseline with three peaks, one larger than the other two, resembling a head and shoulders.
Price promotion: At the time of writing, ADA was trading at $0.43, up 8.51% over the past 24 hours. according to Benzinga Pro.
Continue reading: Ethereum Surges Above $2.1K, Bitcoin, Dogecoin Surges Amid Inflation Plunge: Analyst Predicts Apex Crypto Rally Towards $50K
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