ADA Coin Price Prediction: Will ADA Crypto Reach $2?

According to crypto analyst Ali Martinez, ADA is forming a right-angled descending broadening wedge pattern. If ADA coin price manages to close above the key resistance level of $1.14, it could spark a significant bullish surge.

Crypto analyst Ali Martinez has highlighted how Cardano (ADA) could ignite a bull rally toward the $2 mark.

What Happened: Martinez noted that ADA is forming a right-angled descending broadening wedge pattern. If the price manages to close above the key resistance level of $1.14, it could spark a significant bullish surge.

“A breakout above this level could propel ADA to test the next resistance at $1.3, which, if breached, would open doors for a continuation toward $2,” the analyst stated.

Several analysts are weighing in on the potential breakout of the ADA altcoin. Rose Premium Signals, a well-known market expert, pointed out that the ADA coin chart suggests the price is consolidating within a descending channel.

"We're currently seeing Cardano consolidate in a descending channel, with immediate resistance at the $0.8 Fibonacci level and further resistance at $1.30 and $1.40."

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With ADA coin value hovering near a key resistance level, a breakout could propel ADA crypto price today to short-term targets of $1.30 and $1.40.

"A breakout above this channel could ignite a rally toward the $1.30 Fibonacci level, potentially opening doors for a continuation toward $1.50."

Alternatively, if the price pulls back and breaches the lower channel support, it could continue to fall to the $0.73 Fibonacci level or the $0.62 support zone.

"If a pullback persists, we might witness a retest of the $0.73 Fibonacci support zone, which could be pivotal in determining the next move."

According to the analyst, a confirmed breakout above the $1.14 Fibonacci level is required for a swift rally toward the $2 (Fibonacci $1.62) milestone.

"The Fibonacci levels at $0.73 and $1.14 will be crucial for determining the short-term trend of ADA."

Also Read: Trump's Bitcoin Executive Order Could Bring Massive Gains For ADA, TRX And Other Altcoins

Top Gainers, Losers

At press time, ADA was trading at $0.83, down 3% in the past 24 hours. The crypto is still up 116% year-to-date.

The crypto market cap now stands at $1.21 trillion, a 0.46% increase in the past 24 hours. The total crypto volume, on the other hand, is at $76.77 billion, a 6.98% decrease.

Among the top ten cryptocurrencies by market cap, Chainlink (LINK) showed the largest gains with a 24-hour price increase of 7.76%. Meanwhile, the smallest gains were observed for Monero (XMR) with a 0.56% rise in the past 24 hours.

On the other hand, the crypto with the largest price decrease was Stellar (XLM), with a 10.78% decrease in the past 24 hours.