Cardano Sets For Bullish Trend as Analysts Predict 2,000% Gain

Cardano (ADA) is currently trading at approximately $0.3517, reflecting a 4.3% loss over the last 24 hours. Despite this decline, technical indicators suggest a potential upward breakout as ADA forms a descending triangle pattern, hinting at a possible price reversal.

Technical Indicators Show Bullish Potential

Cardano’s price has struggled to surpass the $0.36 resistance level, with sellers consistently pushing the price down each time it attempts to rally. However, the narrowing descending triangle pattern indicates that ADA may be nearing a breakout.

Data from TradingView suggests that if bulls can overcome the $0.36 resistance and break through the triangle’s upper boundary, a rally toward $0.40, aligning with the 0.236 Fibonacci retracement level, is possible.

Supporting the potential for a bullish reversal, the Chaikin Money Flow (CMF) indicator has entered positive territory for the first time in two weeks, signaling rising buying pressure. Additionally, the Awesome Oscillator (AO) displays green bars, indicating a possible trend reversal despite remaining in negative territory.

ADA Projected to Reach $7.8 in this Bull Run

Adding to the optimism, crypto analyst Javon Marks today tweeted that Cardano could be on the verge of a massive rally. According to Marks, ADA’s first target is set at $2.7709, with the potential for a 630% increase if the current bullish patterns hold.

Marks also noted that ADA surpassed multiple targets during a previous breakout. If similar momentum occurs this time, a climb of over 2,030% to $7.82 is possible.

Further affirming the positive outlook for Cardano, Tyler Norris tweeted that ADA is set for “blastoff.” He noted that the MACD has recently flipped bullish, with a golden cross potentially on the horizon. Norris predicts that once Bitcoin breaks its all-time high and moves toward $80k-$100k, Cardano could see significant gains. His price target for December is $0.80 to $1.00.

Cardano’s Social Engagement Rises

Social interest in Cardano is also heating up. Taptools reported that in recent days, Cardano was mentioned 111,000 times by over 29,000 unique users, a significant increase in engagement. While the analysis labeled Cardano a “ghost chain,” it acknowledged that the positive metrics suggest Cardano’s growing social presence could drive renewed market interest and volatility.