Cardano’s price was one of the main beneficiaries of the positive dynamics, which was brought into the market after the announcement of a strategic crypto reserve by US President Donald Trump. On Sunday, March 2, the Altcoin rose by almost 60%in a few hours after disclosure.
While the Cardano price has kept a good percentage of early weekly profits, it has a slight retreat last week. Interestingly, the current price system indicates that the cryptocurrency may soon be resuming its upward railway and travels to new cycle highs.
What’s next for ADA Prize in this cycle?
In a video of March 7 published on the X platform, the popular crypto analyst Ali Martinez revealed how Ada was able to enter a new rally for a new bull in a new high in the current cycle. According to the crypto expert, the ninth largest cryptocurrency could still play a game for the $ 2.
The justification for this bullish prediction is the formation of a right-angled, descending wedge in the daily time frame of the ADA price diagram. A The widening of education is a technical analysis pattern that is typically characterized by two different trend lines. An ascending upper trend line (connection of a number of higher maximum stalls) and a descending lower trend line (connect under lower lows).
Source: @ali_charts/X
As shown in the above diagram, the widening wedge pattern in the ADA daily diagram in particular has a horizontal upper trend line (right-angled) and a falling lower trend line. In any case TIts diagram pattern is usually associated with a time of increasing price volatility (or a significant price action).
While the widening patterns are mainly bearish diagram formations, sometimes they only signal an increasing volatility without a clear indication of the next price. Nevertheless, the current formation, which has existed since December 2024, seems to be optimistic for the Cardano price.
Martinez said that the old coin seems ready for a significant revival on the head. However, the analyst found that the ADA price would have to overcome the main resistance level (approx. 1.14 US dollars) in the horizontal trendline before a bullish outbreak can be confirmed.
If Cardano successfully violates and closes against this level of resistance, its price could more than double in the next few weeks. Martinez determined the price target for ADA on 2 USD, which corresponds to an increase of over 140% compared to the current price.
Cardano price at a glance
After the price of ADA has exceeded 1.1 US dollars on the back of the strategic crypto reserve News, the price of ADA is returned below $ 1. At the present time, the Cardano price is around 0.82 US dollars, which reflects a decline of over 4% in the last 24 hours.
The price of ADA on the daily timeframe | Source: ADAUSDT chart on TradingView
Selected picture of iStock, Diagram by Tradingview
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