Cardano Gearing up for a Potential 27% Spike Amid Bullish Start to the Week

A prominent market commentator has predicted a meteoric price development for Cardano amid a bullish start to the new week.

Specifically, market expert Ali Martinez expects a rapid price rally for Cardano, the tenth-largest cryptocurrency by market capitalization. The blue-chip asset has had a strong start to the week amid a broader market recovery, and the commentator predicts a move that could lead to a 27% upsurge.

Cardano Breaks from Symmetrical Triangle

ADA’s price has been setting up nicely within a symmetrical triangle on the hourly timeframe, according to Martinez. The structure’s formation kicked in from the asset’s April 2 high of $0.673, with the lower support line at the April 7 low of $0.512.

Meanwhile, Cardano has failed to close above the descending resistance line on multiple attempts, with the latest attempt coming up on April 20, when ADA surged to a high of $0.6346. The altcoin faced resistance at this level, leading to a rejection. At the time of Martinez’s analysis, ADA still traded within the triangle.

However, Monday’s price outbreak looks to have set a bullish momentum. ADA has broken upward from the triangle at the time of writing, with its over 3% price rally today ensuring the asset’s freedom.

With Cardano now trading above the triangle, the asset could rally 27%, as Martinez has predicted. Notably, this aligns with the depth of the structure, which is the difference between the shape’s top and bottom. If this materializes, ADA would surge to $0.801, a price level last seen in early March.

More Upsides for Cardano?

Interestingly, another analysis expects more upside for the layer 1 token. According to a recent commentary from prominent market watcher Javon Marks, Cardano has more upward push its sleeve.

Marks identified Cardano’s swing between a bullish flag pattern, often accompanied by a breakout to higher prices. The analyst predicted a breakout from the structure, with growing volume a key catalyst for this uptrend.

Meanwhile, Marks set the target for the outburst at between $2.70 and $2.91, with the latter proximal to its all-time high of $3.16. Remarkably, a rally to the identified targets from the current market price would entail a 320% and 353% growth, respectively.

While these numbers seem impressive, there are far higher predictions for ADA. For instance, millionaire pundit Alex Becker projected a Cardano rebound to $5, changing his earlier bearish disposition towards the asset. Analyst Dan Gamberdello also predicted a surge to $10, citing a forming cup-and-handle price pattern.

At the time of writing, ADA trades at $0.643.