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$ADA Price Gears for a 75% Rally

The key reason behind a bullish Cardano price forecast is a bullish technical outlook as it tests resistance at the upper trendline of a descending triangle pattern. $ADA has been testing a breakout from this resistance line for the past two weeks. If demand rises and Cardano overcomes resistance at the 50% Fibonacci level of $0.91, it will fuel a 75% run to the $1.32 price.

Breaking out of the descending triangle pattern on a weekly chart will also confirm that the long-term trend is about to become bullish.

$ADA Price Targets 75% Rally as Cardano ETF Approval Odds Hit 63%

The DMI indicator also shows the possibility of an upward move for ADA’s price as the +DI indicator (blue) tips north while the -DI indicator (red) tips south. As long as the +DI is trending above the -DI, the momentum will remain bullish. However, the ADX line is dropping, showing that the broader trend is bearish, which may hamper Cardano’s price rally.