ADA Escapes Bearish Pattern and Could Climb to $0.85: Analyst

• Dan Gambardello shared in his latest analysis that his upside target for ADA is $0.85.
• ADA was able to break out of a descending triangle pattern on its weekly chart over the past 24 hours.
• At press time, ADA was trading at $0.4774 after it recorded a 6.93% gain.

The popular trader and analyst Dan Gambardello predicted that Cardano (ADA) could soar to as high as $0.85 following a breakout above a bearish medium-term chart pattern. In the video, he highlighted that the altcoin was able to escape a descending triangle that had emerged on its weekly chart.

The latest breakout led to Gambardello speculating whether ADA could be exiting its multi-year bearish cycle and may be pivoting into the bull market on its weekly chart. He also revealed that this move is reminiscent of ADA’s price movement leading up to the previous Bitcoin (BTC) halving. 

Following the build-up to this previous halving event, ADA started rallying. The analyst also noted that ADA is starting to behave similarly to its competitor Solana (SOL), which has seen its price surge over the past few weeks.

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