Cardano's Price Prospect: ADA Ventures Towards $2 as Wyckoff Pattern and Trendline Forces Coalesce
Cardano, the fifth-largest cryptocurrency by market capitalisation, is showing signs of a potential breakout as it approaches a long-term descending trendline. This bullish structure, however, has been met with short-term selling pressure due to whales selling nearly 50 million ADA tokens in the last 48 hours.
The key zone to watch for a potential Cardano breakout is just above $1.00 to $1.10. ADA must prove it can hold above this region to confirm its strength and potentially trigger a larger rally. Analyst Jesse Peralta believes that if the ADA breaks the trendline, it could start looking parabolic.
If bulls push through the resistance, immediate upside targets align in the $1.80 to $2.00 range. The Wyckoff narrative complements this trendline pressure and parabolic outlook for Cardano. The timing of these upgrades adds weight to the bullish narrative already forming on the charts.
Analyst Sssebi highlights upcoming developments for Cardano, including the potential ADA ETF, Leios upgrade, Hydra scaling integrations, and the Midnight privacy layer. These improvements could help ADA sustain long-term impact.
In the short term, Cardano could build momentum towards testing resistance zones around $1.20 to $1.50. Whale movements don't always translate into a lasting trend, and these sell-offs can often be absorbed by new demand. If demand holds steady, a breakout could accelerate momentum towards the $1.50 to $2.00 range.
However, it's important to note that short-term, ADA must balance short-term caution with the broader bullish backdrop. The larger structure supports higher targets for Cardano beyond $2.00. The current price movements of ADA are indeed one of the main factors influenced by the recent sell-off, which is trading near critical support around $0.80–$0.82.
The Wyckoff cycle suggests that Cardano's structure fits the markup phase, potentially leading to a push above $1.20. Clearance of resistance at $1.10 could confirm the breakout and trigger a larger rally.
In conclusion, while short-term selling pressure has caused some concern, the overall outlook for Cardano remains bullish. The upcoming developments and the potential breakout could propel ADA towards higher targets, with immediate upside targets aligning in the $1.80 to $2.00 range.
