Cardano (ADA) has recently struggled to keep up the bullish momentum it enjoyed in past weeks. Its current price still lags about 67% behind the all-time high of $3.09 that it hit during the 2021 bull run.
Despite the significant gap, experts in the field are optimistic, suggesting that Cardano has solid potential for a meaningful price recovery as we approach the new year.
## Cardano Holding Steady Above Key Moving Averages, Could Soon Break Free
Trend Rider, a well-regarded analyst on social media platform X (formerly known as Twitter), shared his insights on Cardano’s current price behavior. He pointed out that the price recently slipped below the parabolic line, signaling a period of cooling off, which was seen just above the $1 mark last week.
However, he stressed that Cardano’s price is hovering above its moving averages. This indicates it might be on the brink of a breakout, effectively “shaking off weaker hands” before a potential surge.
Trend Rider is also anticipating a revival of bullish momentum soon. He predicts that once Cardano breaks past the $1.25 resistance, it could quickly climb towards the $3 mark, edging closer to its previous peak record.
Adding to the positive sentiment, analyst Ali Martinez highlighted that following a 44% correction, Cardano began its upward move around February 1, 2021. With ADA recently undergoing a 43% correction, he suggests the next upward shift for ADA could happen in two to three weeks, targeting a $6 milestone.
## Key Support and Price Targets Highlighted by Analysts
Another voice in the discussion, analyst AV Sebastian, also chimed in, indicating that the recent price dip might be behind us. He sees Cardano gearing up to breakout from a triangular pattern. Sebastian pointed out two recent bullish candle formations, anticipating a significant jump in the coming days.
When examining short-term price actions, multiple analysts observed that ADA is displaying a “very bullish market structure” on the daily chart. This is illustrated by a double bottom formation leading to a breakout and a V-shaped bounce in a descending channel.
Looking ahead, a retest of the key support area at $1.3886 seems likely for ADA’s price. This would lead to an upward trend with a primary target of $1.7748. Additional support levels were also noted, particularly the $0.824 mark, which will be crucial to monitor in early 2025. Maintaining this support could unlock significant upward potential, with analysts marking May 2025 as a pivotal timeframe for hitting targets.
As of the most recent update, ADA was trading at $1.14, with an uptick of 1.13% over the past 24 hours.
Featured image from DALL-E, chart from TradingView.com.
