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Cardano Analysis: Is ADA Set for Additional 40% Rally to $1?

Cardano Analysis: Is ADA Set for Additional 40% Rally to $1?

CryptoNewsNetCryptoNewsNet2025/02/11 13:22
By:thecryptobasic.com

Cardano (ADA) price jumps past key resistance levels, forming a bullish falling wedge breakout. Is a 40% rally to $1.11 on the cards?

For the second consecutive day, Cardano is leading the altcoin rally with a massive intraday surge of 11.77%. The bullish reversal in Cardano suggests a potential breakout rally.

With a spike in bullish momentum, Cardano has broken through the critical $0.80 resistance. Will this breakout push ADA toward the $1 psychological mark? Let’s explore.

Cardano Price Analysis: Breaking Key Resistance Levels

In the daily chart, the ADA price trend reveals a short-term resistance trendline from early 2025. However, a long-standing support trendline has helped the recent pullback regain bullish strength.


Cardano Price Chart

Since the start of February, ADA has dropped from $0.9428 to a bottom of $0.6816. This accounted for a drop of 27.70% in the early nine days of February.

With eight consecutive red candles, the price tested the local support trendline. Furthermore, the trendlines in action create a falling wedge pattern.

However, with a bullish start this week, the two consecutive positive candles in Cardano have overcome the five days of downfall with a jump to challenge the overhead trendline. Along with the trendline, ADA also faces a higher price rejection from the 23.60% Fibonacci level at $0.8127.

After a 24-hour high set at $0.8131, Cardano currently trades at a market price of $0.7927. Additionally, with the massive intraday surge, Cardano aims to surpass the bullish breakout of a falling wedge pattern.

Supporting the upside, the MACD and signal lines are nearing a positive crossover, while bearish histograms are losing intensity. Additionally, the DMI indicator shows a crossover in the VI lines, signaling a shift in trend momentum. The ADX line remains elevated, reflecting increased trend momentum.

Cardano Price Target: Can ADA Rally 40% to $1.11?

Given the early breakout and growing momentum, the Fibonacci levels suggest a price target near the 78.60% level at $1.11. This represents a bullish potential of over 40%.

On the downside, the key support for Cardano is at $0.16, followed by the local support trendline.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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