Expert Bullish On Cardano: Forecasts Explosive Rally To $3 Once This Resistance Is Broken
Cardano (ADA) has struggled to maintain the bullish momentum it has gained in recent weeks, with its price remaining approximately 67% below the all-time high of $3.09 set during the 2021 bull run.
Despite the huge gap, analysts see strong potential price recovery Exists in the weeks and months leading up to the new year.
Cardano consolidates above key moving averages, preparing for breakout
Trend Rider, a prominent analyst at social media platform noticed Prices fell below the parabolic line, signaling a cooling-off period, which occurred last week above the $1 mark.
However, he highlighted that Cardano price is consolidating above its moving averages, suggesting that it is preparing for a potential breakout while “shedding out of weaker hands.”
Trend Riders Further expected The bullish momentum will soon resume and it is expected that once Cardano price breaks the $1.25 resistance, it may quickly surge towards the $3 mark, close to the previous all-time high.
Analyst Ali Martinez adds to optimistic outlook point out Cardano started its second rise during the week of February 1, 2021, after experiencing a 44% correction.
Given that ADA has experienced a 43% correction recently, analysts believe ADA’s next uptrend is ADA Probably only two to three weeks, with a price target of $6.
Analysts identify key support and price targets
Another analyst, AV Sebastian, also weighed in, stating that the recent price decline may be over and Cardano price is expected to break out triangle pattern. He highlighted the last two candles as being particularly bullish and predicted a sharp rebound in the coming days.
When analyzing short-term price movements, some analysts famous ADA is exhibiting a “very bullish market structure” on the daily time frame. A double bottom pattern leading to a breakout and a V-shaped recovery along the descending channel was observed on the chart.
It is further believed that in the short term ADA price will inevitably retest the key support area of $1.3886, which will lead to a price increase with the main target at $1.7748.
Further support areas have also been ConfirmedThe $0.824 level will be crucial for early 2025. Holding this support level could unlock significant upside potential, with analysts eyeing May 2025 as a key time frame to achieve that goal.
At the time of writing, ADA is trading at $1.14, up 1.13% in 24 hours.
Featured images from DALL-E, charts from TradingView.com
