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Cardano

Cardano (ADA) Primed For Major Breakout — But Bulls Must Hold Above Key $0.80 Support

Semilore Faleti
by Semilore Faleti
5 months ago
·
Posted in Cardano
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cardano (ADA) was the largest benefactor of US President Donald Trump’s announcement of a strategic crypto reserve. ADA gained by over 60% on March 2 following this statement to reach a local market high of $1.15. Since then, the altcoin has undergone some positive and negative price action and now consolidating around $0.81.  According to the popular crypto analyst Ali Martinez, Cardano finds itself in a delicate market setup with the potential for a substantial price surge.

Related Reading: Cardano Foundation Partners With World’s Largest State-Owned IT Company

ADA Eyes Massive Rally: Key Resistance At $1.20 Stands In The Way

In an X post on March 8, Martinez shared a strong bullish analysis of the ADA market projecting a major price rally. According to the market expert, the ADA/USD weekly chart presents an interesting scenario where the altcoin could produce a sustained uptrend based on two conditions.

Firstly, Martinez states that the Cardano must continue to stay above a crucial support zone at the $0.80 price region setting the stage for a price upswing. Thereafter, ADA must break past a key resistance level at $1.20 which has acted as a major price barrier in recent times.

By pushing past $1.20, Ali Marinez postulates the altcoin could enter a price discovery mode with an initial price target of $10. However, with massive buying pressure and market demand, Cardano could trade as high as $16 suggesting a potential 1,960% gain on the current market prices.

Cardano
Source: @ali_charts on X

This bullish prediction is based on historical data that shows ADA tends to surge after periods of consolidation. Back in the 2020-2021 bull run, the crypto asset showed consistent movement within a price range before producing a 2,600% price surge to reach its current all-time of $3.10.

Over the last eight months, Cardano has continuously traded between $0.250 and $0.80 prior to its recent breakout. If the market bulls fail to hold above the upper range boundary of $0.80, ADA is expected to slide back into consolidation.

Related Reading: US Loosens Grip: Thousands of Seized Crypto Mining Units Finally Released

Cardano Price Outlook

At the time of writing, ADA is valued at $0.81 following a 3.66% decline in the last day. Meanwhile, the altcoin weekly margins are at 27.98% profit with monthly gains now set at %16.98.

According to prediction site CoinCodex, the Fear and Greed Index set at 28 signals a strong concern among investors in view of further price drops. The analysts at Coincodex resonate with this fear predicting a market price of $0.79 in the next five days. However, their long-term predictions remain highly bullish with projections of $0.85 in one month and $1.12 in three months.  

Cardano
ADA trading at $0.8120 on the daily chart | Source: ADAUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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