Popular cryptocurrency analyst Ali Martinez has identified a technical indicator, suggesting that Cardano (CRYPTO: ADA) could be on the cusp of a significant price surge.
What Happened: The analyst told his 23,800 followers on Twitter that after approaching a major technical level, ADA is on the verge of confirming a head and shoulders charting pattern.
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The pattern, which predicts a bullish-to-bearish trend reversal, could see Cardano's price breaking out by as much as 44% and surging to $0.60.
#Cardano is poised to confirm this head and shoulders pattern, potentially igniting a 44% breakout that could propel $ADA to $0.60. pic.twitter.com/5DjZb01avi
— Ali (@ali_charts) April 13, 2023
The head and shoulders pattern is an indicator of trend reversals. It is characterized by a baseline with three peaks, one of which is larger than the other two, resembling a head and shoulders.
Price Action: At the time of writing, ADA was trading at $0.43, up 8.51% in the last 24 hours, according to Benzinga Pro.
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