Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first
|- Cardano price seems to be on the verge of a massive breakout after cracking a long-term trendline resistance.
- After a brief consolidation period, it seems that Cardano is ready to resume its uptrend.
Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.
Cardano price needs to clear the $0.33 level to see a massive breakout
On the weekly chart, Cardano broke out from a reverse head and shoulders pattern and seems to have retested the neckline resistance trendline. This breakout had a price target of $2.12 which represents a 900% increase. The target was determined using the height from the neckline trendline to the head.
ADA/USD weekly chart
On the 12-hour chart, Cardano price has established a critical resistance level at $0.33 in the short-term. A breakout above this point can quickly start to push the digital asset towards the $2.12 long-term price target.
ADA/USD 12-hour chart
Cardano bulls can find a lot of support at $0.28 which is the 26-EMA. Additionally, the In/Out of the Money Around Price (IOMAP) chart shows a robust support area between $0.318 and $0.30 and another one between $0.28 and $0.29 which coincides with the 26-EMA.
ADA IOMAP chart
However, losing this crucial support level would be a notable bearish sign capable of sending the digital asset down to $0.20, the next psychological support level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.