- Cardano price eyes $1.50, with key levels signaling a potential breakout after completing a corrective phase.
- Cardano price could rise as high as $1.50 if it clears resistance levels following its ongoing corrective wave.
- Cardano price upcoming market shift could push it to $1.50, driven by key technical indicators and Bitcoin’s performance.
Cardano price has had an extremely volatile few years, but recent market trends show that Cardano could be on the edge of a significant breakthrough. At a potential increase to over $1.50, Cardano holders are carefully observing significant technical levels; a strong upward rush can result in a significant increase in the short term.
Cardano Price Eyes $1.50 Resistance Amid Potential Market Breakout
Cardano price is approaching a pivotal support area at $0.00000007, approximately $0.15, a level that could mark the end of a corrective period, according to analyst Gert van Lagen. ADA price has been correcting in an Elliott Wave formation after the high of 2021.
As long as the Cardano price does not close below this support, there is the potential to see a recovery taking place, perhaps reaching a new high at the $10 mark in the short term.
Source: Gert van Lagen/X
The $0.00000007 support is being observed keenly by traders, as they want to know whether the Cardano price could end the bearish trend. Assuming the correction takes a successful exit, Cardano price may drive to new highs, with a target of $40 in case bullish momentum is sustained.
Cardano price has been in a bullish trend since reaching a low of $0.5940 in the second half of July, climbing to a high of $0.8433. According to analyst Ali Charts, the $0.8800 resistance 0.618 Fibonacci retracement remains a key hurdle. However, if Cardano price breaks and holds above this level, it could target $1.00 and potentially reach $1.20-$1.30.
Source: Ali Chart/X
However, Ali Charts warns that some pullbacks might occur. As long as Cardano does not break below $0.8800, the $0.8340 will be critical. The inability to sustain this support can result in further consolidation and the following key support at $0.7500. It will comprise of observing the activity of the whales to know whether buying or selling pressure follows the pullbacks.
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