Cardano (ADA) Primed For Major Breakout — But Bulls Must Hold Above Key $0.80 Support

Cardano (ADA) was the largest benefactor of US President Donald Trump’s announcement of a strategic crypto reserve. ADA gained by over 60% on March 2 following this statement to reach a local market high of $1.15. Since then, the altcoin has undergone some positive and negative price action and now consolidating around $0.81.  According to the popular crypto analyst Ali Martinez, Cardano finds itself in a delicate market setup with the potential for a substantial price surge.

ADA Eyes Massive Rally: Key Resistance At $1.20 Stands In The Way

In an X post on March 8, Martinez shared a strong bullish analysis of the ADA market projecting a major price rally. According to the market expert, the ADA/USD weekly chart presents an interesting scenario where the altcoin could produce a sustained uptrend based on two conditions.

Firstly, Martinez states that the Cardano must continue to stay above a crucial support zone at the $0.80 price region setting the stage for a price upswing. Thereafter, ADA must break past a key resistance level at $1.20 which has acted as a major price barrier in recent times.

By pushing past $1.20, Ali Marinez postulates the altcoin could enter a price discovery mode with an initial price target of $10. However, with massive buying pressure and market demand, Cardano could trade as high as $16 suggesting a potential 1,960% gain on the current market prices.

This bullish prediction is based on historical data that shows ADA tends to surge after periods of consolidation. Back in the 2020-2021 bull run, the crypto asset showed consistent movement within a price range before producing a 2,600% price surge to reach its current all-time of $3.10.

Over the last eight months, Cardano has continuously traded between $0.250 and $0.80 prior to its recent breakout. If the market bulls fail to hold above the upper range boundary of $0.80, ADA is expected to slide back into consolidation.

Cardano Price Outlook

At the time of writing, ADA is valued at $0.81 following a 3.66% decline in the last day. Meanwhile, the altcoin weekly margins are at 27.98% profit with monthly gains now set at %16.98.

According to prediction site CoinCodex, the Fear and Greed Index set at 28 signals a strong concern among investors in view of further price drops. The analysts at Coincodex resonate with this fear predicting a market price of $0.79 in the next five days. However, their long-term predictions remain highly bullish with projections of $0.85 in one month and $1.12 in three months.  

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.