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Shocking Cardano (ADA) Price Prediction: Breakout Hints at 261% Surge to $2.90
Cardano, the eighth-ranked cryptocurrency by market capitalization, has seen a significant surge in recent sessions, with its price rising by over 10% in the past week alone. The sudden upswing is prompting predictions that it could continue to skyrocket even further, potentially reaching new heights. According to renowned analyst Javon Marks, the breakout from a falling wedge pattern may be indicative of a stunning 261% surge to $2.90.
ADA’s recent move comes after it broke out of a falling wedge pattern that has been in place since late July. This development marks a crucial turning point for the asset and could potentially signal a larger upward trend. As Javon Marks highlights, the chart shows a repeating setup seen in past ADA cycles. Historically, such patterns have led to strong uptrends.
According to his analysis, the price may climb back towards $1.20, representing a gain of over 50% from current levels. Furthermore, it is possible that this rally could extend further, with a long-term target of $2.90, which would be a substantial 261% rise.
Another notable expert, BitMonty, has also confirmed the breakout and outlined key support and resistance levels to watch moving forward. He highlighted a buy zone between $0.68 and $0.61 that served as crucial support during the recent rally. Additionally, he pinpointed potential resistances at $0.99, $1.10, and $1.20.
In contrast to this optimistic outlook, Market Prophit’s sentiment analysis has yielded a split in its assessment of ADA’s future prospects. While the crowd remains bullish on the asset, the platform’s internal model has turned bearish, potentially hinting at short-term caution.
Source: cryptopotato.com
