Is Cardano Price Preparing to Skyrocket Above $1.7 Soon?

Cardano (ADA) price has rebounded above $1, signaling a bullish trend as the broader crypto market surges. Following Bitcoin’s rally above $97, market optimism has pushed most cryptocurrencies into the green. Analysts suggest ADA could potentially skyrocket beyond $1.7, reflecting growing investor confidence and alignment with the market’s upward trajectory. The bullish momentum appears strong.

Can Cardano Price Rally Above $1.7 Soon?

Crypto analyst show highlights a potentially bullish setup for Cardano price based on its daily chart. The analysis indicates that the cryptocurrency is currently trading within a bullish pennant pattern, which could lead to a significant price breakout.

A bullish pennant forms when a period of consolidation follows a sharp upward movement, suggesting the potential for another upward surge. If the breakout materializes as expected, ADA could target a price of $1.74.

The pennant’s upper resistance and lower support lines are converging, suggesting a breakout could occur soon. Analysts believe that a move above the resistance line would confirm the bullish momentum. If ADA achieves the projected breakout, it would represent a substantial gain from its current price levels. 

ADA Price Is Primed For More Gain Ahead

As of the reporting time, the ADA price is trading at $1.06, having surged 57% in the past 24 hours. The rally comes as bullish momentum drives the token beyond key resistance levels, sparking optimism among traders and investors.

The Cardano price prediction successfully broke above the $1.00 psychological level, a significant milestone for the cryptocurrency. This movement indicates a strong bullish trend, with the next resistance targets identified at $1.50 and $1.70.  Support levels are clearly defined at $0.90 and $1.00, offering strong downside protection.

The Relative Strength Index (RSI) is currently at 64, signaling strong buying pressure while remaining below overbought territory. 

The latest data indicates a surge in whale transactions exceeding $100,000 on the Cardano price network. This coincided with a notable rise in ADA’s price, suggesting increased market activity. The chart shows heightened transaction volumes during periods of price peaks, hinting at strategic moves by large holders.

In conclusion, ADA’s breakout above critical resistance levels marks a pivotal moment for the asset. Traders should watch for sustained momentum above $1.00 while keeping an eye on the $1.50 and $1.70 targets. As long as market conditions remain supportive, ADA could continue its impressive rally.