A recent analytical exposition has highlighted the possibility that Cardano could see an upsurge of 10% to 100% from its current price level.
Notably, a TradingView analysis of the ADA/USDT 3-day chart by Arman Shaban presented this possibility, asserting that Cardano will reverse the current bearish trend and enter a strong bullish move to higher levels.
Meanwhile, Cardano continues to consolidate, aligning with broader market trends. The crypto asset has hovered between $0.62 and $0.68 for nearly two weeks, quietly building momentum for its next move.
Cardano Holds Crucial Support
However, for Shaban, the next move for Cardano is upward. He shared this sentiment even as Cardano continues to hold a major demand zone despite lackluster price development.
He identified that Cardano’s structure remains intact as it consolidates above the support at $0.63-$0.60 and shows early signs of price accumulation. After a sharp fall to the local demand zone around $0.35 on October 10, ADA bounced nicely and has since held above $0.60, confirming the strength of the current support.
The analyst highlighted that as long as the $0.63-$0.60 support holds, the bullish bias remains intact. This trend places Cardano in a good place for its next price upsurge to the next major resistance level when momentum returns to the crypto market.
ADA Targets for Bullish Move
Meanwhile, the commentary mentioned price targets for Cardano when its next bullish phase resumes. It shows that a sustained breakout above $0.70 would pave the way for higher prices. Notably, Cardano trades at $0.64 at the time of writing, and a move to $0.70 would represent a 9.3% increase.
After $0.70, the market analyst predicted a 17% growth to $0.75, a 32.8% rise to $0.85, and a 56% upsurge to $1 as the following targets for ADA.
Notably, this builds on his earlier analysis, in which he noted that his expected return for the upcoming Cardano rally is a 10% short-term gain, a 40% increase in the midterm, and over 100% growth in the long term.
At the current market price of $0.64, a 10% growth takes ADA to $0.705, while a 40% and 100% increase takes the token to $0.90 and $1.28, respectively. The 100% target aligns with the bearish order block (OB) marked in his accompanying chart.
Remarkably, this price level aligns closely with analyses from BullStar and CobraVanguard that target an ADA run to $1.30.
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.
