According to market analyst Ali, Cardano is in a bullish breakout phase, with a target set at $1.50, supported by a clear bullish projection on its chart. In a recent post on X, he notes that ADA is rising towards a mid-range resistance near $0.94 within a broad channel, which is a prerequisite for further growth.
The outlook indicates that after ADA's price gained traction above $0.94, it is likely to gain momentum quickly towards the $1.20 mark and even up to the $1.50 mark.
This outlook aligns with a bullish trendline structure that has been developing since late July. Therefore, traders are on the lookout for short-term confirmation signals to confirm this anticipated breakout position.
The daily chart reinforces a bullish outlook through an inverted head and shoulders formation. The neckline at $0.94 is the main breakout zone that could pave the way towards $1.20.
The RSI hovers around 65, indicating strong momentum without warning of overbought conditions. However, if this neckline is not broken, a consolidation between $0.85 and $0.94 could occur.
Therefore, market participants are considering potential entry points with a balance between risk and opportunity. This setup supports the overall bullish price forecast for Cardano for 2025 and expects the rally to continue.