Cardano Set for “Massive Move” Towards Golden Pocket: Analyst

Despite recent setbacks witnessed by Cardano, market analysts believe the asset could be poised for a measured upward move.

Cardano (ADA) is consolidating near support after recent price swings stalled at a familiar price level. The asset attempted to break above the resistance near $0.288 in the previous week, but selling pressure around this region proved too strong, forcing a pullback to the $0.250 support. Still, a big move could be on the horizon for Cardano, according to a recent outlook.

Key Point

• Cardano could be set for a massive move higher amid a descending trendline breakout.
• A measured move to the golden pocket Fibonacci level would not be a big deal for ADA.
• The 0.618 Fib. level is at $0.67, and the 0.65 Fib. level is at $0.71, bringing the target near $0.70.
• Analysts do not see Cardano reaching $1 in the near term, calling it a “long way” from here.

Cardano Weekly Breakout

Specifically, Tim Warren predicted a massive move higher for Cardano in his YouTube podcast, citing a breakout from a descending trendline.

The analysis shows that ADA broke out of this downward-sloping resistance line in early May when it rallied 13% in a single week. Notably, this supply zone had capped upward moves since the February high of $0.313 until the breakout in the week of May 4.

The analyst identified potential targets for this imminent rally using a larger ascending resistance level on the weekly timeframe.

This key dynamic resistance dates back to January 2023, with ADA peaking every time it touches it. Some instances include the April 2023 high of $0.46, the December 2023 high of $0.68, the March 2024 high of $0.81, and the December 2024 peak of $1.32.

Breakout Target and $1 Possibility

The analyst drew the Fibonacci retracement tool from the line and discussed possible targets if breakout momentum persists. According to him, a measured move to the golden pocket Fibonacci level would not be a big deal for ADA.

Notably, the golden pocket is the price level between the 0.618 and 0.65 Fibonacci levels. The chart shows that the 0.618 Fib. level is at $0.67 and the 0.65 Fib. level is at $0.71. This brings the target to around $0.70, representing a 181% increase from the current price of $0.249.

However, Warren does not see Cardano reaching $1 in the near term, calling it a “long way” from here. Nonetheless, he sees the coin currently standing at a good opportunity point for a substantial move.

Cardano Bullish Confirmation

In a parallel analysis, CryptoLifer also confirms bullish possibilities for Cardano. His analysis featured a possible breakout from a descending channel on the daily chart. This wedge pattern began forming at the high of $0.288 on May 10, with the price compressing between its upper and lower bands.

This formation looks bullish to the analyst, who insisted that a continued trend above the previous resistance-turned-support near $0.245 would confirm upward momentum. Under these circumstances, ADA could surge to $0.31, representing a 24% increase from the current price.