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Market analyst “CobraVanguard” opines that Cardano could be on course for a significant rally.
After weeks of slow grinding downward price movement, crypto assets appear to be making another stand, this time buoyed by seemingly improving macroeconomic conditions as the U.S.’s core inflation data came in lower than expected on Wednesday.
Among the assets that have reclaimed key levels in this rally is Cardano‘s native token, ADA. It is back above the $1 price point and may still have significant upside room, at least according to one highly followed analyst.
Cardano’s ADA to $1.5?
Market analyst “CobraVanguard” has opined that ADA could be on course for a significant rally.
In a recent TradingView idea, the analyst asserted that ADA looked set to rally to the $1.5 price point, citing two bullish patterns on the asset’s 4-hour candle chart.
For context, the asset is trading at $1.04 at the time of writing; a rise to $1.5 would represent a 44% increase.
The first pattern identified by CobraVanguard is an ascending triangle chart pattern that the asset slipped into in mid-December 2024. This pattern features higher lows and horizontal resistance between $1.10 and $1.15.
Inside this ascending triangle, the analyst noted a cup-and-handle structure, setting the target of a potential breakout of both patterns at the $1.5 price point.
Interestingly, CobraVanguard is not the only analyst who has predicted an ADA breakout to $1.5. On January 12, prominent market analyst Ali Martinez also suggested that Cardano could be set to rally to the $1.5 price point.
Unlike CobraVanguard, however, he arrived at this target citing an asymmetric triangle pattern also on the 4-hour candle chart and significant buying pressure from whales.
A potential catalyst ADA bulls may be looking at to hit the $1.5 target is the looming inauguration of President-elect Donald Trump, who sounded significantly bullish on crypto on the campaign trail and looks set to implement several pro-crypto policies.