Altcoin
Analyst Reveals How Cardano Price Can Rally To $2 Amid ADA Crypto Stockpile Buzz
The Cardano price secured a prominent spot on investors’ radars amid the recent US crypto stockpile announcement. Intriguingly, a renowned crypto market analyst has taken the stage amid this development to reveal how ADA price can rally to $2 ahead. In light of the market-wide bets of the crypto being included in the ‘crypto stockpile’ announced by Trump, traders and investors infer whether the analyst’s forecast is set to unfold.
Top Analyst Reveals Why Cardano Price Rally To $2 Looms
In an X post by Ali Martinez on March 7, the analyst revealed that Cardano price has been forming a right-angled descending broadening wedge pattern since December last year. Per the analyst, the $1.14 level acts as a key horizontal resistance barrier amid this formation.
A daily candlestick close above this resistance could trigger a bull rally to $2, the analyst added. However, ADA price traded down 7% in the past 24 hours and exchanged hands at $0.8822. The coin bottomed at $0.8232, waning in line with the broader crypto market trend today.
Nevertheless, traders and investors continue to eye the coin bullishly amid broader advancements.
Why The Sudden Optimism Around Cardano Price?
It’s worth mentioning that traders and investors are abuzz with the latest pro-cryptocurrency developments in the US President Donald Trump recently signed an executive order for a Bitcoin strategic reserve, whilst a ‘crypto stockpile’ for altcoins is also in the pipeline.
This stockpile is highly anticipated to encompass altcoins like Ethereum (ETH), XRP, Solana (SOL), and ADA. As an upshot, market watchers weigh considerable optimism over the crypto’s long-term potential in sync with the analyst’s projections.
Also, CoinGape recently reported that the US SEC acknowledged Grayscale’s Spot Cardano ETF filing last month. These broader developments set off a tidal wave of market optimism despite the broader volatility.
More Analysts Join The Fray, Ignite Market Bullishness
Simultaneously, a couple of other renowned market analysts added bullishness over ADA price outlook.
Analyst Rose Premium Signals took to X, revealing that ADA is consolidating within a descending channel on the daily chart. With this statement, the analyst signaled that the price is hovering around descending resistance, hinting at a potential breakout. The short-term targets for the crypto remain at $1.30 and $1.40, which is up over 40% from the current level.
On the other hand, market expert Coinvo posted on X, revealing that Cardano’s price is about to go parabolic after Trump’s announcement of the crypto stockpile. Overall, market watchers remain highly bullish about crypto amid broader developments despite a waning price action today. Simultaneously, the upcoming White House crypto summit is also expected to offer further clarity on the U.S. crypto stockpile.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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