The Cardano price is currently eyeing an impulsive move to the upside following the invalidation of a bearish Relative Strength Index (RSI) divergence. In his analysis, crypto analyst Melika Trader reveals how high ADA could rally based on a bullish channel formation.
Cardano Price Eyes Impulsive Move To The Upside
In a TradingView post, Melika Trader predicted that the Cardano price could rally to between $0.90 and $0.94 as it eyes an impulsive move to the upside. The analyst noted that ADA has experienced a sharp rally recently, breaking through resistance levels and establishing a new range. This upward trajectory could set the stage for the anticipated price targets.
Trader further emphasized that a deceptive bearish RSI divergence was invalidated as the Cardano price maintained its uptrend, underscoring a confirmed bullish momentum. Currently, ADA is consolidating near the lower boundary of the parallel channel, indicating a potential rebound from its existing price level.
In line with this, he stated that if the Cardano price respects the channel structure, ADA could target the $0.90 and $0.94 range as the next resistance levels. Additionally, crypto analyst Ali Martinez provided a bullish perspective, asserting that ADA seems poised for a rebound with the TD Sequential indicator flashing a buy signal on the 4-hour chart.
Furthermore, analyst Paul noted the effectiveness of the Fibonacci count for Cardano, with .618 higher lows being observed. His chart indicated that ADA might reclaim the crucial $1 price level and could rally as high as $2.20 on the Wave 3 impulsive move upward. The analysis also suggested a correction could occur, potentially bringing the price down to $1.20, before it surges to $3 during the Wave 5 impulsive phase.
Five Reasons Why ADA Can Reach $20 In This Market Cycle
In a recent X post, crypto analyst Sebastian outlined five compelling reasons supporting the belief that Cardano price could reach $20 within this market cycle. The first reason posits that Cardano might become a significant player in the Bitcoin DeFi arena, which would considerably enhance the ADA price outlook. Secondly, there is speculation that Cardano’s founder Charles Hoskinson could join Donald Trump’s Crypto Advisory Council, further adding to market optimism.
In addition, the potential establishment of a Cardano ETF is highlighted as a bullish factor, especially since Grayscale has already submitted a proposal for one. Moreover, the analyst pointed out the possibility of future partnerships between Cardano and major entities such as Microsoft and the US Treasury, which could catalyze ADA’s price surge.
As of the time of writing, Cardano’s price is trading around $0.80, reflecting an increase of over 3% in the past 24 hours, according to data from CoinMarketCap.
