Analysts suggest patience is key for Cardano recovery, with a bullish Cup-and-Handle formation and a long-term resistance level pointing to potential growth.
The price of Cardano (ADA) has experienced fluctuations in recent days, notably aligning with the broader market. After an initial recovery between April 11 and 12, the cryptocurrency saw its price retrace again to a range of $0.63 to $0.66 from April 13 to 15.
By April 15, the downtrend intensified, with the price hitting lows around $0.60 before slightly recovering to $0.62. As of today, ADA stands at $0.6152, marking a 1.04% increase over the last 24 hours, but a 0.76% decline in the past week. Despite these struggles, analysts remain cautiously optimistic about Cardano’s potential.
Analyst Suggests Patience Amid Fluctuations
For instance, analyst Dan Gambardello has emphasized the importance of patience for Cardano holders. Gambardello, known for his insights on the crypto market, shared a chart on X showing a potential recovery phase for ADA.
The chart suggests that Cardano could be in the early stages of a rebound, similar to the one it experienced amid the major bull run in 2021. Gambardello pointed out that the coin’s price patterns from 2018 to 2025 resemble a Cup-and-Handle formation, a bullish technical pattern that signals potential long-term growth.
The Cup-and-Handle Pattern
Notably, the formation Gambardello highlighted includes both the “cup” and the “handle” components, which have been key indicators of previous bullish trends.
For context, the “cup” part of the pattern, seen between 2018 and 2021, shows Cardano’s price starting from a low point, peaking around $1, and then experiencing a downward correction. The price then reached a bottom near $0.023, followed by another upward move that peaked at nearly $3.10.
Meanwhile, the “handle,” which typically represents a smaller pullback, formed between September 2021 and 2024. Cardano recently broke above the handle during the November 2024 upsurge and is currently retesting this breakout. This phase could be setting the stage for a larger price surge once the retest completes, and Cardano maintains the support at the handle.
Resistance Levels and Future Projections
In addition, Gambardello’s chart shows that the trendline in Cardano’s price movement serves as a long-term resistance level, currently pointing towards $10. This resistance stems from the highs observed in 2018, and ADA’s current price movement suggests it may attempt to touch this level once again.
In March, the price also reached $1.14, completing a formation similar to the one that triggered the price run to its all-time high in early 2021.
Further Belief in Cardano’s Potential
Meanwhile, Cardano has continued to draw attention from other influential figures in the crypto space. Alex Becker, a crypto investor Cardano critic, recently acknowledged his confidence in ADA’s potential, despite previous criticism of its community. Becker identified Cardano as one of the standout altcoins for the current bull market, with price targets as high as $4 to $5.
His assessment highlights the coin’s untapped potential compared to other top-layer projects, such as Solana, which has already seen significant price increases. According to Becker, Cardano’s relative lack of upward movement positions it well for potential gains.
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.
