Cardano Sets Stage for 60% Jump to $1.30, Analyst Forecasts

A recent analysis suggests that the next impulsive Cardano price move targets $1.30 after a sustained trend above a weekly resistance breakout.

Market commentator BullStar shared this in his recent TradingView analysis. He highlighted the bullish setup on the Cardano weekly chart, which could lead to a significant price increase.

Currently, ADA continues to consolidate, a trend that is also visible in the broader cryptocurrency market. The asset is down 5% in the past 24 hours, bringing its year-to-date performance back to negative.

Cardano Price BreakoutBullStar1Remarkably, while Cardano has retraced from that rally, it has held this breakout and is currently forming a higher low pattern as it retests the trendline, according to the analyst. He emphasized that this suggests price accumulation before the next impulsive upward move.

Breakout Target and Critical Support to Watch

The analysis highlights a possible bullish continuation in the coming week if the market momentum strengthens and Bitcoin remains stable. Considering its dominant market share, BTC has typically dictated the mood of the crypto market, and Cardano needs its price to be steady to develop.

Furthermore, Cardano also needs to hold the support at $0.70 for an upward move. While prices appear bearish in the short term, the token must maintain a position above the breakout neckline to achieve higher price targets.

If the bullish continuation occurs, the analyst predicts that ADA will first target the key resistance level at $0.95. Breaking this supply zone would further pave the way for a 60% surge from the current market price to $1.30.

Cardano Could See a Bigger Rally

Interestingly, the $1.30 target for the impulsive move would imply a break above the Cardano bull market door at $1.25, as identified by Dan Gambardello. He shared in an earlier analysis that if ADA breaks this critical area, it will mark a resumption of a full bullish season for the token.

Meanwhile, the target for this positive development is a rally to $10, marking a new all-time high for the cryptocurrency. Specifically, this target is 1,127% away from its current price of $0.815.