Cardano (ADA) is exhibiting a market pattern reminiscent of its previous cycle, which saw a dramatic 17,414% price surge between 2020 and 2021. Despite current bearish conditions, analysts suggest that a similar pattern could lead to significant bullish momentum. The correlation between Cardano's trend and the manufacturer's purchase manager's index (PMI), which recently rose to 52.4, is seen as a positive indicator. Historically, PMI expansions have aligned with bullish phases for Cardano. Currently trading at $0.259, Cardano has experienced a 91.6% decline from its all-time high of $3.10. Market analyst Dan Gambardello highlights the potential for a bullish turnaround, noting that the monthly stochastic RSI has entered an oversold level similar to that before the previous rally. With macroeconomic factors such as the end of quantitative tightening potentially favoring a market shift, there is optimism for a future price increase, although targets like $10 remain speculative.