Analyst Predicts Cardano Price Rally Amid Positive Market Signals
In a recent X post, crypto analyst Trent Ryder noted that #ADA price has re-entered a bullish trend zone on the weekly chart. He highlighted that the daily resistance levels have now been broken and the price is trading above them.
The analyst advised holders to be patient despite the oscillator line being in a slight negative position. This is especially important as Bitcoin continues to rise. If the momentum continues, investors looking for short-term profits are advised to lock in some gains near $1.20.
This forecast is in line with growing speculation about a Cardano ETF approval as positive news about the token continues to mount.
Moreover, leading analyst Crypto Smith has pointed out an even more ambitious scenario for Cardano price. Using a chart from TradingView, Smith highlights a classic cup and handle pattern. He highlighted that Cardano whales have completed their accumulation phase, with the token currently testing a breakout point around $0.92. If this breakout holds, Smith’s analysis predicts that ADA could eventually top $4. At press time, the altcoin is trading in a range of $0.75 to $0.78, and its daily trading volume has increased by 46%, indicating increased activity in the market.