Could Cardano Be The Next Big Crypto Winner? Analyst Points To $2 Target
Cardano (ADA) is once again in the limelight as a crypto analyst emphasizes a technical pattern that has the potential to propel the asset to $2. In the midst of a combination of gains and losses for ADA, the prediction has sparked speculation regarding the possibility of a significant breakout.
A Pattern That Could Lead To A Big Move
According to crypto expert Ali Martinez, ADA has established a right-angled descending wedge pattern on the charts. This technical configuration implies that a surge may occur if Cardano surpasses $1.14. Martinez believes that the price could soar to $2 if that occurs.
ADA is much below that important level right now. The altcoin dropped significantly by 5% during the past 24 hours, falling below $0.83. It has subsequently rebounded to about $0.88; but it remains uncertain if the bullish momentum will build up anytime soon.
This is how #Cardano $ADA can enter a bull rally to $2! pic.twitter.com/fMO3u3lVdc
— Ali (@ali_charts) March 7, 2025
Strong Gains Despite A Rough Day
Cardano has shown a steady increase over the past weeks, despite its most recent fall. Considering that the crypto asset has grown by nearly 30% over the past seven days, there are signs buyers are joining the market. ADA has seen a 20% year-over-year rise, indicating strong demand in the token.
What Needs To Happen For ADA To Reach $2
ADA faces other difficulties as well, but first it has to overcome $1.14 to reach a notable rise to $2. Should it be able to overcome that, the currency’s next challenge will be to keep on pushing up. Strong buying demand could cause the price to increase to $2 more rapidly; but, limited volume or sellers’ resistance could create problems.
Additionally important are external elements and market attitude. If the market for Bitcoin and the other bigger cryptocurrencies keeps strong, ADA has a higher chance of maintaining an upward motion. On the other hand, any market-wide drop could give Cardano more hiccups.
Traders Still Hesitant Despite Positive Signs
Although many in the crypto community are excited about ADA’s potentials, others are still cautious. Though Martinez’s technical pattern suggests a breakout, nothing is quite clear. Market conditions might change quickly, hence overcoming resistance may prove challenging.
Should ADA start moving toward $1.14, it could give fresh hope. Whether it strikes $2 or not, the following few days will be vital in deciding its next major price route.
Featured image from Gemini Imagen, chart from TradingView
