Analysts like Captain Faibik have seen a possible 70% surge for Cardano after a bullish breakout from a falling wedge.
Cardano broke above this falling wedge pattern, which is historically a bullish reversal signal.
The upcoming Chang hard fork for Cardano is also contributing to positive sentiment.
Cardano whales are reportedly increasing their holdings based on the market cap dominance charts versus Bitcoin.
Bullish technical indicators like RSI, MACD, and rising open interest support the price surge prediction.
Cardano has been on the verge of a major rally for months now, and analysts believe the cryptocurrency's price could soon increase by 70%.
Let's see what these analysts mean and what cryptocurrency's upcoming Chang hard fork might mean.
According to the charts, Cardano's highest price this year was $0.81 during the initial market bullish phase in March.
However, since Bitcoin and the rest of the market started to decline, Cardano has slid to the underside, entering a falling wedge formation, as highlighted by recent insights from renowned analyst Captain Faibik.
Faibik highlighted that Cardano has been consolidating since making this yearly high and recently entered a breakout from this formation, noting that Cardano has broken above the crucial $0.407 price mark.
For some context, the falling wedge pattern, as highlighted by Captain Faibik's chart, typically features two downward-sloping lines and typically forecasts a bullish reversal when we see a break out upwards.
In particular, Faibik sees Cardano surging by around 72.84% after this breakout.
Cardano’s Chang upgrade is on its way, and Cardano’s price against Bitcoin is already reacting to this.
According to Chris O, a Cardano Ghost Fund DAO co-founder, the Cardano whales are already building their positions, as shown by Cardano's relative strength compared to Bitcoin in the market cap dominance charts.
Market expert Jesse Olson echoes this sentiment, recently tweeting that there is now a "pending buy signal" on Cardano's daily chart.
According to Olson, we now have a bullish divergence, an RSI buy signal and a bullish crossover on the cryptocurrency's MACD, which supports Captain Faibik's Cardano price outlook.
Moreover, insights from Coinglass also show that Cardano's open interest has been on the rise after declining since March of this year.
Cardano futures open interest
The cryptocurrency's futures open interest now sits at around $232 million, after recovering from a $200 million low only two weeks ago, in mid-June.
Overall, at the time of writing, the bears are attempting to push Cardano further below the $0.4 price level and have pushed the price to around $0.39.
However, the cryptocurrency's breakout remains valid as long as we do not see a decisive break below this price level.
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