A TradingView analysis has projected a free run for Cardano (ADA) from its current price to $1, as there is no more resistance from here to the target.
Cardano is benefiting from the broader market’s northward trend and its bullish ecosystem developments. This places ADA on course to posting its highest monthly green candle since its 216% rally in November 2024.
ADA Breaks Final Resistance to $1
Meanwhile, MMB Trader noted in a recent analysis that Cardano is now on the loose, having surged past a key resistance level. For context, Cardano is up 52% since the start of July, with its bullish momentum powering a swing past a multi-month resistance at $0.67.
Interestingly, the zone provided strong support for Cardano multiple times this year, serving as a cushion before bears pushed prices below it in June. Nonetheless, the major support area at $0.50 prevented further downtrend and provided the momentum for the recent bounce.
The analyst pointed back to his earlier analysis, where he called the bounce. He noted that either Cardano regains momentum from the $0.50 support or it drops to around $0.32.
With the bounce from the support at $0.50 and a rally past the resistance at $0.67, MMB Trader noted that there is no more impediment between Cardano’s current price and $1. According to him, ADA would soon rally above it, specifically targeting $1.097.
Notably, from its current price of $0.87, this rally would represent a 26% price increase. It would also take Cardano to prices last seen in March, following the intense price fluctuation from Donald Trump’s executive order to create a strategic crypto reserve.
Cardano Bull Says $2 and Beyond
Meanwhile, a recent analysis from Dan Gambardello, a long-standing Cardano bull, suggests that $1 is merely the starting point for ADA. He shared that while Cardano needs a “little breather” following its recent upsurge, what would follow could be massive.
Specifically, he identified that ADA recently broke out of a descending channel with its parabolic move and would likely make its way towards $2 and above. This builds on his earlier assertion that ADA would realistically reach $10 this bull cycle.
Meanwhile, there are other bullish outlooks for Cardano, with MasterAnada sharing that the coin’s next easy target is $1.83.
However, predictions of a rally to $5 are more prevalent, as YouTuber Alex Becker and analyst Mr. Banana insist that the price mark is attainable this cycle. The latter urged holders not to sell below $5, as they would miss out on the full bullish potential of the blue-chip asset if they did.
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.
