Cardano (ADA) price has dipped 2% in the past 24 hours, now trading at $0.6971, as the broader market cools off following a strong rally that lifted most major cryptocurrencies above their short-term moving averages.
ADA has been one of the most resilient tokens this year as its yearly losses currently sit at 17.4% compared to the 46% and 22.3% that Ethereum (ETH) and Solana (SOL) have lost during this same period.
Crypto analyst Lucky on X has shared a bullish forecast for ADA, projecting a move to at least $1.60 if it breaks out of its descending price channel.
To kick off this rally, ADA would need to climb toward $0.90 in the short term — a level well within reach if current momentum builds.
Today’s 19% dip in trading volume, down to $683 million, appears to be routine profit-taking rather than a shift in sentiment, suggesting that the setup for a breakout remains intact.
Cardano Could Rise to $1.72 as Last Leg of Elliott Wave Unfolds
An Elliott Wave analysis of Cardano shows that we could be at the beginning of the last leg of what has been a strong uptrend in the weekly chart.
In most cases, the peak of the first uptrend serves as support for the second pullback of this technical setup. However, ADA has dropped below this support level and seems to be getting ready to retest it from below.
If the price action rejects a move above this support, which currently sits at $0.730, this would invalidate the Elliott Wave.
However, if the price climbs above it, then the pattern will be in play again and that means ADA could rise toward its target (number five).
In the first leg, the price nearly tripled while ADA rose by 262% in the second leg. If we estimate another 3X move for the last leg, this means that Cardano could propel to $1.72 at least.
One of the most encouraging technical signals was a bullish crossover between the 200-week EMA and 200-day EMA in November that puts ADA on an uptrend.
Looking at the chart, the price has bounced off the 21-day EMA already, emphasizing the indicator’s relevance to the market.
This confirms a bullish outlook for ADA in the mid-term with a first target set at $1.72.
If momentum continues to build, a longer-term push toward $10 isn’t out of the question.
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The post ADA Price Surges Toward $1 – Is $10 Still Realistic? Cardano Price Prediction Updated appeared first on Cryptonews.
