Cardano Eyes $0.90 Target as Network Metrics Show Growing Strength

• Analyst predicts Cardano breakout to $0.90
• ADA forms bullish symmetrical triangle pattern
• Network TVL surges 130% since US election day

Crypto analyst Dan Gamberdello has unveiled a bullish forecast for Cardano (ADA), projecting a breakout to $0.90 following the asset’s recent consolidation phase. The prediction comes as ADA shows strong technical formation despite a temporary cooling in its recent rally.

Cardano Technical Pattern Suggests Imminent Breakout

The ninth-largest cryptocurrency, currently trading at $0.73, has retraced 9.7% from its November 16 multi-year high of $0.8117. However, Gamberdello identifies this pullback as a strategic rest period, highlighting the formation of a bullish symmetrical triangle on the 4-hour chart.

Cardano took a rest for a couple days, putting in really nice structure, pulling into the green 20 day moving average.

Now at apex of symmetrical triangle.

.90 upward target if it breaks up. pic.twitter.com/8rBrffuHVE

— Dan Gambardello (@cryptorecruitr) November 19, 2024

“Cardano has established a really nice structure, pulling back to the green 20-day moving average,” Gamberdello noted, projecting a potential 21.6% surge upon breaking out of the pattern.

Supporting the technical outlook, Cardano’s network metrics have shown remarkable improvement. DeFiLlama data reveals a dramatic surge in Total Value Locked (TVL), jumping from $199 million on election day to $457.9 million, marking a 130% increase.

The Cardano ecosystem has witnessed unprecedented social activity, approaching 2 billion impressions on X. This surge in social engagement coincides with growing developer activity and network adoption.

With a current market capitalization of $26.1 billion, Cardano’s position among the top cryptocurrencies remains strong. The combination of technical formation, growing TVL, and increasing social presence suggests the potential for continued upward momentum toward the projected $0.90 target.