With the prospects of an inevitable altcoin season gaining momentum, a top market analyst has outlined the price targets for Cardano.
Specifically, Crypto Patel, a key opinion leader for Binance and CoinMarketCap, predicted how high Cardano could go amid growing optimism of bullish market conditions for the altcoin sector. This comes on the heels of a broader market rebound, which has seen ADA appreciate by 5.58% over the past seven days.
Cardano Coiling Up for Expansion
For context, ADA has the second worst year-to-date performance in the top 10 cryptocurrency ranking by market capitalization, only above Dogecoin, which has seen a 23% decline. However, Crypto Patel highlighted that Cardano has been accumulating in the $0.85 to $0.60 demand zone but is now coiling up for an expansion.
His accompanying chart shows that ADA has been trending within a triangle since the low of $0.27 in August 2024. It consolidated around the support area until November’s rally to reach a significant resistance at $1.32 before a pullback.
It again retested the structure’s support trendline at $0.51 in June but has since rebounded and now targets a breakout. Now, with the indicators starting to tick in favour of the altcoin season, Crypto Patel suggested that an outbreak looks inevitable.
Cardano Targets Following Breakout
Importantly, the analyst highlighted the liquidity targets for a breakout from the triangle. His first target is a retest of the 2021 peak price of $3.10, representing a 253% increase from the current market price of $0.87.
The second target is a 469% rally to $5, which would be a new all-time high for Cardano. Notably, several analysts have predicted this price mark for ADA, with Crypto Target basing his outlook on a recurring accumulation and re-accumulation pattern. Mr. Banana also shared that $5 is a minimum bullish target for Cardano.
Ultimately, Crypto Patel identified the $7 mark as the last liquidity target, representing a 697% increase from its current price. The prediction aligns with that of Mubsalat, who urged holders to hold onto their ADA bags until it hits $7. Egrag also shared the possibility of ADA reaching $7 but noted that this would depend on broader market growth.