Technical analysts have identified a key pattern in Cardano's (ADA) charts, indicating potential bullish price movement. Analysts Sssebi and Dan Gambardello share their perspectives on ADA's price trajectory.
Short-term Targets for ADA
The ADA chart by analyst Sssebi shows a forming inverse head and shoulders pattern with the left shoulder at $0.95, the head at $0.90, and the developing right shoulder near $1.00. A breakout above the neckline suggests possible movement towards $1.10-$1.15. The price has broken a key downward trendline, now acting as support around the $1.00 mark. Trading volume and RSI indicators also support the bullish momentum.
Market Consolidates Above $1
Dan Gambardello notes the previous market skepticism about ADA returning to the $1 level during the bear market, but the current consolidation above this threshold indicates a change in market dynamics. Support levels have formed at $1.00 with additional demand zones at $0.95 and $0.90, aligning with the inverse head and shoulders pattern.
Long-term Price Projections
While Sssebi's short-term analysis suggests targets around $1.15, some analysts, including Gambardello, foresee potential moves towards $5 and $10 after the current consolidation phase completes. Achieving these projections will require sustained buying pressure and broader market support. Maintaining price above $1.00 is crucial to confirm the bullish pattern and enable objectives to higher targets.
ADA presents signs of growth potential, supported by technical indicators and shifts in market sentiment. Monitoring volume and momentum indicators will be essential to confirm the bullish trend.
