Analysts express positive forecasts regarding the cryptocurrency Cardano (ADA), indicating a possible significant rally in the coming weeks.
Technical Indicators for ADA
Analyst Clifton Fx pointed out that Cardano is showing positive technical signs, including a breakout of a bullish flag on the three-day chart. He believes this breakout could lead to a rally in the range of 100% to 150% in the coming weeks.
Key Support Zone Breakout
Another analyst, RISK, highlighted important positive changes in ADA's daily chart. He noted that Cardano broke above the $0.90 to $1.00 range, forming a series of higher lows since July. This reflects growing buying strength and a potential end to a long accumulation phase, during which ADA had been trading sideways.
Outlook and Possible Pullbacks
Despite the overall positive sentiment, RISK also warns of a potential short-term pullback. The price may retest support levels before continuing its upward trend. However, as long as ADA remains above the $0.90 level and maintains its pattern of higher lows, the overall trend is expected to favor buyers.
If the analysts' projections materialize, Cardano could be in the early stages of a rally that brings it close to the $2.00 mark. Traders are closely monitoring the situation and key resistance levels.
