Cardano ADA analysts are forecasting a major breakout in price for the asset in the coming cycle, with a rally of over 100% on the cards. Currently up 9% in the past week, the asset appears to be trending upward in the past month, driven by an overall market rebound. Additionally, voters in the Cardano community recently voted to approve a new $71M upgrade for the Cardano Network. The upgrade news sent ADA higher in value.
Cardano recently retested the psychological price of $0.80, fueled by rising on-chain activity and pressure from descending channel resistance. While it didn’t stay above the mark for long, a breakout appears imminent, per one analyst. Market analyst Issifou Issaka notes that ADA is preparing to breach a months-long descending channel, signaling a potential trend reversal. “This bullish breakout opens the door to significant upside potential, with a theoretical target around 1.65 USDT, representing a possible +126% gain from current levels,” the analyst writes. Based on this analysis, Cardano’s upward potential is the $1.65 zone.
Also Read: New $71M Cardano Upgrade Incoming: ADA to Rally to $1?
Furthermore, ADA has formed a golden cross (50-hour EMA crossing above 200-hour EMA) at $0.7245, coinciding with a break above its 30-day SMA ($0.771). RSI at 59 suggests room for upward momentum of 15-20%, accounting for the expected short-term rally. If this rally extends over a month or two, it could very well boost ADA towards $1 and eventually $1.50 in the medium term.
Last week saw the crypto market enter a bit of a bearish period, highlighted by Bitcoin falling back below $116,000. The market is hoping for a rebound this month, perhaps led by Ethereum’s continued rally and crypto ETF approvals. Cardano ADA typically follows the mass market leaders like BTC and ETH, and if they trade higher, assets like ADA and SOL surging.