Cardano ($ADA ) continues to gain momentum, with its price climbing 6.18% in the last 24 hours to $1.13. As trading volume and market confidence grow, analysts predict ADA could target $2 in the mid-term.

Cardano’s Bullish Momentum

  1. Recent Performance

    • $ADA price surged from $1.06 to a peak of $1.126 within 24 hours.

    • Trading volume increased by 9.91% to $2.25 billion, signaling strong investor interest.

    • Market capitalization rose to $39.6 billion, reinforcing confidence in ADA's potential.

  2. Key Targets

    Analysts have set short-term price targets at $1.20 and $1.50, with a mid-term goal of $2.00.

Source: X

Bull Pennant Pattern Indicates Further Upside

  1. Technical Analysis

    • ADA has formed a bull pennant pattern, typically signaling a breakout to the upside.

    • Crypto analyst Crypto Rand highlighted Cardano as one of the strongest assets in the current market.

  2. Breakout Potential

    With sustained accumulation and bullish momentum, ADA could break through its next resistance levels:

    • $1.50 as a major barrier.

    • $2.00 as the next big benchmark.

Market Metrics Signal Strength

  1. Trading and Liquidity

    • Cardano’s open interest (OI) rose 14.38% in 24 hours to $787.1 million, reflecting increased trader activity.

    • Perpetual contracts dominated, with a 14.46% rise to $784.1 million.

  2. Long-Term Support

    The $1.00 level is identified as strong long-term support, further solidifying ADA's bullish outlook.

Open interest chart| source coinalyze

  1. Price Forecast

    Analysts foresee ADA climbing to $2.00, supported by growing market demand and strong technical fundamentals.

  2. Altcoin Season in Sight?

    -With ADA leading the charge, market experts suggest a broader altcoin rally may be underway.

    -Crypto Rover tweeted, “Trump is about to start the biggest Altcoin season. This is the right moment which has never been seen before.”

What’s Next for Cardano?

Cardano appears poised to capitalize on its bullish momentum. Traders should monitor its next moves closely, particularly its ability to break through $1.20 and $1.50 in the short term. The overall market optimism and growing liquidity could further fuel ADA’s journey toward the $2.00 milestone.

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