Cardano trades at $0.2055, copper proposal requires new all time high

Cardano (ADA) traded at $0.2055 today, as mild gains allowed the altcoin to stay above several key moving averages. The price rebounded from the lower edge of the Bollinger Band at $0.196, leading to an expansion in these mathematically-defined price envelopes and signaling potential volatility ahead. On the broader timeframe, market analyst Javon Marks suggested that Cardano’s weekly chart indicates room for a major rally, potentially echoing a 1,100% rise. Marks stated that this kind of price move could propel ADA to $2.90, if market conditions for altcoins mirror previous historical structures. In 2020, Cardano saw a similar technical pattern, creating four consecutive lower lows on its monthly chart before launching into an uptrend that ultimately hit an all time high of $3.10 on September 2, 2021.

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