Analyst Eyes Major Cardano Upside Gain, Predicting 159% Surge to $1.86

Recent Cardano price development suggests a possible bullish continuation, with a prominent analyst highlighting key support and likely targets for the rally.

An analysis from Rose Premium Signals identified a bullish reversal pattern on the Cardano (ADA) chart, indicating a possible uptrend continuation. The March 20 X commentary noted that the blue-chip asset is retesting a falling wedge structure, and a successful rebound could spark another rally to higher prices.

Cardano to Enter Uptrend Cycle After Retest

For perspective, ADA broke from a falling wedge on February 13 after consolidating within the structure since its December high of $1.327. The coin showed a mild upward price action before finally bouncing from the support around $0.65 on March 2, correlating with Donald Trump’s US strategic crypto reserve announcement.

Rose Premium shared that the asset has shown bullish reversal momentum since then, retracing to retest the falling wedge structure. The commentator suggested that while this may seem bearish in the short term, it is a necessary price development for a sustained upward drive.

Meanwhile, the analysis projects a momentum reversal to a strong uptrend cycle if ADA succeeds in retesting the $0.65 support. The market watcher predicted a sturdy bounce to three targets from the demand zone with aid from catalysts like volume and the broader market conditions.

First, the commentary asserted a 71% surge to $1.2265, just within touching distance of the falling wedge’s price high. The second and third targets represent rallies of 112% and 159% from the current market price to $1.5230 and $1.8612, respectively.

However, Rose Premium stressed that Cardano must defend the support for a chance at this uptrend. Furthermore, a break above the local resistance around $0.82 would confirm the bullish continuation.

Analyst Identifies Sideways Range

In addition, another analyst, “Man of Bitcoin,” identified ADA’s potential to resume price uptrends. In an X post, the market watcher stated that the asset trades within a sideways range, and its subsequent price development would decide its fate.

He predicted a surge past the range’s resistance at $0.777 would set bullish precedence for higher prices. However, a crash below $0.650 would spell further corrections for Cardano.

If the asset falls below $0.650, the analyst expects retracements to $0.580 and the 0.618 Fibonacci level at $0.533.

While Cardano’s prices continue to develop, the bullish buzz around the network could act as a propellant for higher prices. A recent report highlighted that positive social sentiments around the Cardano ecosystem reached a four-month high, an indicator market observers suggest could attract capital flow and bullish momentum to ADA’s price.