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

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.

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.” 

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.

Adding to the optimistic outlook, analyst Ali Martinez pointed out that after experiencing a 44% correction, Cardano began its second leg up during the week of February 1, 2021. 

Given that ADA has already undergone a 43% correction recently, the analyst suggests that the next upward movement for ADA could be just two to three weeks away, with a target of $6 in sight.

Another analyst, AV Sebastian, also weighed in, suggesting that the price recent dip may be over, and that the Cardano price is poised to break out of a triangular pattern. He highlighted the last two candles as particularly bullish and expects a significant rally in the coming days.

In analyzing short-term price actions, several analysts noted that ADA is exhibiting a “very bullish market structure” on the daily timeframe. On the chart is observed a double bottom formation leading to a breakout and a V-shaped recovery along a descending channel. 

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.

Further support zones have also been identified, with the $0.824 level being crucial to watch early in 2025. Holding this support could unlock significant upside potential, and analysts are eyeing May 2025 as a key timeframe for achieving targets.

At the time of writing, ADA was trading at $1.14, up 1.13% for the 24-hour period. 

Featured image from DALL-E, chart from TradingView.com