A bullish upswing is on the horizon for Cardano after an analyst identifies a buy signal on the asset’s chart, giving its next possible upsurge targets.
Cardano (ADA) saw a nice market uptrend yesterday following a broader market recovery. The asset surged 6%, recovering from an intraday low of $1.1336 to trade above $1.200 following Bitcoin’s short-lived $100,000 reclaim.
Meanwhile, the bullish upswing has printed a new buy signal on the Cardano chart. An analyst has identified his development, presenting levels the long opportunity could take ADA to.
Cardano Prints New Buy Opportunity
In a follow-up TradingView commentary late Friday, analyst Pullbacksignal shares that Cardano has printed a new buy opportunity. His analysis included a fresh chart showing the latest signal and possible ADA targets.
Per the analysis, Cardano has broken a wedge price pattern, providing a second wave of buy signals. Notably, the analyst suggested opening an ADA position earlier, signaling an imminent surge when the price was at $1.0808.
Pullbacksignal speculated that the confirmed breakout from the falling wedge would spur an upsurge to three price targets. First, Cardano will reach his first target at $1.4600, then surge to the second profit-taking level at $1.6100 before ultimately hitting the final price mark around $1.8900.
Notably, the surge to the analyst’s final target from the current price of $1.2030 would see Cardano grow 57%. Meanwhile, the uptrend to $1.8900 would allow it to overtake Dogecoin to become the seventh-largest cryptocurrency by market cap, as analyst Dan Gambardello earlier predicted.
Bullish Triangle Confirms Growing Cardano Momentum
Meanwhile, another analyst confirmed bullish momentum on the Cardano chart. Aksel Rom shared a TradingView analysis yesterday showing that Cardano is currently getting tighter on a forming symmetrical triangle price pattern in the ADA/USDT 30-minute timeframe.
The analyst noted that upon breakout from the triangle, Cardano will target the resistance at $1.3269. Following a successful conquest of the supply zone, the Ethereum killer will surge another 29% to $1.7080.
In the meantime, Cardano trades at $1.2030, up 10% in the past seven days.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
