Cardano (ADA) could be preparing for a significant upward move according to analysts. The token has triggered a bullish signal on its weekly chart, suggesting a potential parabolic rally with a target price of around $5. The bullish signal on the chart mirrors conditions seen during the previous bull cycle that led to new highs for Cardano. Additionally, the consolidation phase below the 50-week moving average indicates a possible breakout, and the neutral Relative Strength Index suggests the potential for a new rally. The presence of a bullish megaphone pattern further supports the outlook for a parabolic rally. Cardano's ongoing network development, including an increase in the number of smart contracts, is expected to contribute to its growth. Currently, ADA is trading at $0.37, up almost 12% on the weekly chart. To confirm the bullish momentum, ADA needs to break above the 200-day SMA.



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