Cardano could still rally significantly before the end of the year, with analysis pointing to a symmetrical triangle breakout as a possible catalyst.
Cardano continues to beam with uncertainty alongside the broader market. Following two days of successive growth, the cryptocurrency has started poorly today, correcting over 4% at the time of writing.
Analysis Suggests Optimistic Cardano Price Action
Meanwhile, hopes remain high as analysts continue to speculate on a positive price development for Cardano. Specifically, in a recent commentary, BorisCryptoUSA confirmed that he expects ADA to reverse its recent bearish momentum and target higher prices before the end of this year.
The market watcher noted this as he highlighted a forming symmetrical triangle on the ADA/USDT daily timeframe. Notably, Cardano has been trending within this structure since the late 2024 rally, when it peaked at $1.32.
Notably, price action within the structure has started to tighten, with ADA nearly filling the gaps within the triangle. This suggests that Cardano could break out from the structure soon, with the analyst suggesting it could happen this year.
ADA Price Targets Upon Breakout
BorisCryptoUSA predicted that this upside potential could come to fruition but noted that macroeconomic factors must remain stable. He mentioned major black swan events, geopolitical tension, and hawkish Fed decisions as factors that could derail momentum.
Notably, a black swan event did occur on October 10, pushing Cardano’s price and the broader market to lower levels. The market is still recovering from this, with the downside seen today coming as the trade war between China and the US persists. China warned against a possible retaliation, sparking skepticism among investors.
Meanwhile, the analyst insisted that if the market sentiment gets better, Cardano could break out of the triangle this year. His first target is to swing to $1.2, marking a 76.5% growth. He identified $2 as the secondary target from the break, which represents a 194% surge from the current market price of $0.68.
Remarkably, the analyst also warned that although the breakout could be more decisive, it is wise to start taking profit once whales begin to sell.
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.
