thecryptobasic.com 
Despite recent setbacks witnessed by Cardano, market analysts believe the asset could be poised for a measured upward move.
Cardano ($ADA) is consolidating near support after recent price swings stalled at a familiar price level. The asset attempted to break above the resistance near $0.288 in the previous week, but selling pressure around this region proved too strong, forcing a pullback to the $0.250 support. Still, a big move could be on the horizon for Cardano, according to a recent outlook.
Key Point
- Cardano could be set for a massive move higher amid a descending trendline breakout.
- A measured move to the golden pocket Fibonacci level would not be a big deal for $ADA.
- The 0.618 Fib. level is at $0.67, and the 0.65 Fib. level is at $0.71, bringing the target near $0.70.
- Analysts do not see Cardano reaching $1 in the near term, calling it a “long way” from here.
Cardano Weekly Breakout
Specifically, Tim Warren predicted a massive move higher for Cardano in his YouTube podcast, citing a breakout from a descending trendline.
The analysis shows that $ADA broke out of this downward-sloping resistance line in early May when it rallied 13% in a single week. Notably, this supply zone had capped upward moves since the February high of $0.313 until the breakout in the week of May 4.
The analyst identified potential targets for this imminent rally using a larger ascending resistance level on the weekly timeframe.
This key dynamic resistance dates back to January 2023, with $ADA peaking every time it touches it. Some instances include the April 2023 high of $0.46, the December 2023 high of $0.68, the March 2024 high of $0.81, and the December 2024 peak of $1.32.
Breakout Target and $1 Possibility
The analyst drew the Fibonacci retracement tool from the line and discussed possible targets if breakout momentum persists. According to him, a measured move to the golden pocket Fibonacci level would not be a big deal for $ADA.
Cardano Fibonacci Targets/Tim Warren
Notably, the golden pocket is the price level between the 0.618 and 0.65 Fibonacci levels. The chart shows that the 0.618 Fib. level is at $0.67 and the 0.65 Fib. level is at $0.71. This brings the target to around $0.70, representing a 181% increase from the current price of $0.249.
However, Warren does not see Cardano reaching $1 in the near term, calling it a “long way” from here. Nonetheless, he sees the coin currently standing at a good opportunity point for a substantial move.
Cardano Bullish Confirmation
In a parallel analysis, CryptoLifer also confirms bullish possibilities for Cardano. His analysis featured a possible breakout from a descending channel on the daily chart. This wedge pattern began forming at the high of $0.288 on May 10, with the price compressing between its upper and lower bands.
This formation looks bullish to the analyst, who insisted that a continued trend above the previous resistance-turned-support near $0.245 would confirm upward momentum. Under these circumstances, $ADA could surge to $0.31, representing a 24% increase from the current price.
