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A seasoned market analyst has provided a crucial Cardano update, marking the level ADA needs to hold to continue its latest bullish uptrend.
A few weeks back, Cardano mirrored a broader bullish momentum as it surged to a multi-year high of $0.8466, last seen in April 2022. Several factors spurred the uptrend, including a broader bullish momentum and rumors of Cardano founder Charles Hoskinson’s involvement with the US government on crypto policy.
Meanwhile, the firing cylinders are losing steam, and Cardano has retraced over 8% from the price high. Notably, the asset and most other altcoins have failed to mirror Bitcoin’s explosive push to a new all-time high of $98,000 today.
While whale accumulation data shows Cardano bulls are confident of an imminent bullish outburst, analyst Rekt Capital has provided a crucial update on the coin’s price. In a November 20 update, the market expert stated the level Cardano needs to sustain for its next upsurge.
Analyst Identifies Crucial Cardano Support
Rekt Capital claimed in the commentary that Cardano is on track for another macro bullish upsurge as momentum around the ecosystem remains dovish. However, his analysis emphasized the rally’s dependence on holding the $0.72 price mark.
The notable analyst recalled his last Cardano analysis, noting that the digital asset has surged considerably since then. The commentary noted that ADA’s bullish momentum could see it test the resistance at $0.72.
With Cardano flipping the $0.72 resistance to reach a monthly high, Rekt Capital asserts that it needs to form support around the former supply zone to sustain its bullish uptrend.
Meanwhile, despite consolidatory momentum around Cardano, the ninth-largest cryptocurrency has traded 9% up from the crucial zone. As a result, the analyst expects another leg up for ADA if things remain as they are.
Cardano’s Next Targets
As all indicators on the Cardano ecosystem suggest bullish momentum, an analysis expects ADA to target the price levels at $0.994 and $1.363. The commentary based its assertion on the asset targeting its successive Fibonacci extensions at 1.272 and 1.618, respectively.
However, higher price targets for Cardano remain, with expert Ali Martinez speculating a surge to $6. In his latest commentary, Martinez bemoaned the hate around Cardano, insisting that the asset would replicate its 2020 bull cycle performance and appreciate to $6 per coin between July and September 2025.
Meanwhile, ADA trades at $0.781 at press time, down less than 1% in the past 24 hours.