A recent analysis has suggested that Cardano remains within bullish territory, predicting the levels the token will rally to if key levels hold.
Cardano joined the rest of the market to retrace earlier today, correcting more than 5% over the past 24 hours. This further adds bearish pressure to its price, which has declined by 14% and 30% over the past seven and 30 days, respectively.
Bullish Cardano Structure Intact Despite Downtrend
Meanwhile, analyst “Aminazarpey” has identified that Cardano’s bullish structure is still intact. He shared this in a recent TradingView commentary on Sunday, insisting on a possible bullish development for the blue-chip asset.
He shared that if Bitcoin and Ethereum recover from the current bearish trend, Cardano could be a strong “catch-up play” for investors in the coming altcoin cycle. The commentator believes so because ADA has so far lagged considerably behind the crypto leaders.
Notably, his Cardano price prediction shows that ADA is currently trending within a large ascending channel, steadily recovering from the crypto winter in 2022. Despite the recent downside, the market watcher emphasized that Cardano remains within this wedge, which, according to him, is a bullish indicator.
The lower trendline of the channel stands between $0.55 and $0.66, a strong support range that bears have failed to break. For context, ADA trades at $0.58 at the time of writing, still within the zone.
The analyst emphasized that as long as the lower support boundary is intact, ADA’s price remains in bullish territory. He further shared possible upward targets if this trend continues and ADA gains momentum in the area.
Crucial Resistance Ahead
Notably, the analyst highlighted a resistance line within the channel that Cardano has failed to break since its December 2024 peak of $1.32. He suggested that ADA would retest this trendline.
A successful breakout would set Cardano up for a rally towards the $1 and $1.20 price targets in the mid-term. Notably, this 72.4% to 106.9% move is a widely anticipated target for ADA, with prominent chartist Javon Marks predicting a surge to the level before a bullish continuation to $2.91.
Meanwhile, this move could extend further if Cardano breaks above the ascending channel’s upper resistance boundary. Currently around $2.30, he predicted that a move past the trendline would spark further upside moves towards $2.80 and $3.00.
The analyst stated that this 382.7% to 417% growth from the current level aligns with major Fibonacci levels and structural confluences. Notably, he predicted that this would be a longer-term target for Cardano.
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.
