The First Cardano Target from This Structure Is a 100% Rally: Analyst

Upward momentum is building for Cardano, and an analyst has shared the possible target if the current bullish structure matures.

Cardano (ADA) is back above $0.43, mirroring a broader crypto market recovery. The 10th largest cryptocurrency by market cap is up 2.43% in the past 24 hours, setting the pace for its first weekly bullish close in five weeks.

Support Holds Strong 

Market watcher MMB Trader recently acknowledged this bullish development for Cardano, particularly as it holds a key support area. The TradingView analysis highlighted that ADA has shown incredible strength around the $0.40 support area, building the case for an impulsive northward drive.

After hitting a low of $0.38 last week, the cryptocurrency quickly rebounded to close above the key support level. ADA consolidated around this area before its recent rebound to trade at $0.435 at press time. The move, accompanied by growing volume, suggests the coin is preparing for higher prices.

Meanwhile, the ADA price prediction builds on his earlier commentary, in which he highlighted that Cardano was trading below a multi-year descending trendline. After a rejection from the resistance neckline in August’s $1.020 peak, the coin seems headed to a crucial weekly support around $0.330.

Rebound to Drive Cardano Much Higher

Nonetheless, MMB Trader noted that the $0.40 support has held and could serve as a potential accumulation point for a good portfolio upside when prices start to recover. Furthermore, he highlighted targets for ADA if momentum turns bullish from the current levels.

His first target is a retest of the descending resistance trendline at $0.819. He highlighted that it marked a 100% price rally at the time of his analysis. However, recent rebound efforts have slashed the upside to 88% at the time of writing.

If Cardano defies the multi-year resistance trendline, MMB Trader predicted a further increase to $1.390. This slightly trumps its December 2024 high of $1.32, representing a 219% growth from the current trading point.

Meanwhile, other analysts are also predicting an ADA recovery above $1.30. Arman Shaban predicted a surge to $1.33, highlighting the key levels the altcoin must hold to trigger it. BullStar also called a move to $1.30, citing a technical breakout from a descending trendline.