Expert Bullish On Cardano: Forecasts Explosive Rally To $3 Once This Resistance Is Broken

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Cardano Consolidates Above Key Moving Averages, Poised For Breakout Trend Rider, a prominent analyst on the social media platform X (formerly Twitter), provided insights on Cardano’s current price action, noting that the price dipped below the parabolic line, indicating a cooling-off period, which occurred just above the $1 mark last week.  However, he emphasized that the Cardano price is consolidating above its moving averages, suggesting it is preparing for a potential breakout while "shaking out weaker hands.”  Related Reading: World Liberty Financial Raises $1B: Trump-Backed Crypto Venture To Extend Token Sales Trend Rider further anticipates a resumption of bullish momentum soon, forecasting that once the Cardano price breaks through the $1.25 resistance level, it could rapidly surge toward the $3 mark, inching closer to its previous record peak.

Cardano (ADA) has struggled to maintain the bullish momentum it experienced in recent weeks, with its price still trailing approximately 67% below its all-time high of $3.09, reached during the 2021 bull run.  Despite this significant gap, analysts believe that the potential for a robust price recovery exists in the coming weeks and months ahead of the new year.

On the chart is observed a double bottom formation leading to a breakout and a V-shaped recovery along a descending channel.  Related Reading: Big Players Bet Big On XRP, Solana With Excitement Around Donald Trump’s Presidency, Here Are The Figures It is further believed that a retest of the key support zone at $1.3886 appears inevitable for ADA’s price in the near-term, which would then lead to price uptrend with a main target of $1.7748.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: United Kingdom

Topics: Latest Cardano News ADA price analysis ADA price chart Crypto analyst ADAUSDT Crypto Cardano price Analysis Crypto news ADA price Cryptocurrency Cardano Cardano news ADA/USD Cardano Price Analysis Cardano Price Forecast Cardano price

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Article Type: News Report

Published On: 2025-01-22 @ 12:00:35 (1 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

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