Cardano (ADA), the native token of the Cardano blockchain platform, has seen a significant price increase recently. According to crypto analyst Javon Marks, ADA surged by an impressive 222% after breaking out from a resistance level. This positive momentum has sparked optimism among investors, with some analysts predicting further growth for ADA.
Marks’ analysis suggests that ADA’s price movement can be attributed to the breakout from a key resistance level, reaching an initial target of $2.7709 before experiencing a pullback. This pullback, while common in the market, could potentially strengthen ADA for future upward movement.
The analysis projects a two-part upward trajectory for ADA, with a potential increase of 462% towards $2.70 followed by a more ambitious target of $7.80, representing a 1500% increase from current levels.
Key price levels on ADA’s journey include significant milestones such as surpassing resistance levels at $1.608791 and $2.384027. Despite a recent pullback, the analysis identifies further potential price targets, with $5.2 being a significant milestone before reaching the long-term target of $7.80.
Technical indicators on ADA’s daily chart show the token trading at $0.45 with a daily increase of 4.65%. The Relative Strength Index (RSI) suggests that ADA may be undervalued, potentially presenting a buying opportunity for investors.
Market predictions from platforms like Telegaon, Coincodex, and Changelly align with the analyst’s optimism, forecasting ADA to reach $3.25 soon. Telegaon predicts a maximum value of $3.14 for ADA by next year, indicating a positive long-term outlook for the token.