Cardano shows strong price movements that could lead to significant market shifts. Analysis focuses on key levels and price forecasts.
Strength of Current Cardano Movement
Cardano (ADA) is showing signs of recovery after a long period of stagnation. Analyst Ben from the channel More Crypto Online notes that ADA has broken above a key trendline, which may signal the start of a significant move towards the $2 zone. According to the Elliott Wave analysis, the current momentum may mark the beginning of wave five, targeting between $1.70 and $2.40.
$0.87: Key Resistance Level
For a full bullish scenario, Cardano needs to break above a critical level: the $0.86-$0.87 zone. This price area acts as a boundary for a triangle structure, with the top at the D wave. Breaking this level would signal a potential bullish breakout, while confirmation will only occur when it surpasses the B wave high at around $1.18.
Future Price Levels for ADA
Once Cardano clears the $0.87 resistance, the next major test will be the swing high around $1.18. If that level breaks, it opens the door for much higher targets including $1.70 and possibly beyond $2. Ben also notes that the current wave shows strong upward momentum, and as long as the price remains above $0.647, the bullish setup is intact.
Cardano is at a critical moment in its cycle, demonstrating strong momentum and a clear Elliott Wave structure. Breaking through the $0.87 and $1.18 levels could pave the way for significant targets. Investors should remain attentive and watch for confirmation of these levels.
