Cardano looks bullish despite its recent sideways trend, with an expert analysis highlighting its price target in the next price upsurge.
Notably, Cardano is down again today, after failing to sustain the upward momentum from early Tuesday. The token surged to a high of $0.685 but relinquished the gains to close 3% lower than its opening price.
Cardano further declined by nearly 2% on Wednesday, exchanging hands at $0.635 at the time of writing. Despite the downside, many analysts believe ADA could rebound from recent setbacks and target higher prices.
Cardano Still Bullish: Analyst
One of the market observers sharing this sentiment is Javon Marks. He stated in his recent analysis that Cardano has maintained clear uptrend signs despite recent price corrections. The analyst suggested that the bearish trend could be coming to an imminent end.
His confidence in this rebound comes as Cardano holds its breakout and bullish structure. For perspective, ADA broke out from a descending trendline during a bullish push in early November 2023. The neckline resistance had suppressed Cardano’s price since its September 2021 peak price of $3.10 before the breakout.
Interestingly, ADA has made higher highs and higher lows after the breakout, suggesting a clear uptrend pattern. Cardano’s rally to a high of $0.81 in March 2024 marked a higher high, the low of $0.27 in August 2024 made a higher low, and December 2024’s high of $1.327 formed another higher high formation.
Its recent higher low of $0.279 on October 10 did not fall below either the breakout point or the previous higher low, suggesting that the bullish structure is still intact. Mark insisted that this meant that another major move is coming for ADA.
Next Leg Cardano Target
Meanwhile, the analyst shared in his ADA price prediction that Cardano would target another higher high price swing. Mark identified the level at $2.96, which marks a 333% rally for ADA at the time of his analysis, as the next target.
Notably, the rally to the target represents a 366% increase at the current market price of $0.635. Moreover, the uptick would see Cardano retest the levels close to its 2021 all-time high, a price many analysts believe it would break above this cycle. For context, Chris O predicted a rally to between $5 and $8 this cycle.
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