Cardano (ADA) is capturing renewed trader attention following a prolonged market downturn, with its price registering its first positive green candle in two months. The ADA price is currently at $0.3892, reflecting a 14.6% weekly gain. This recovery is attributed to several catalysts, including an ADA ETF filing update, increased open interest commitments, and developments in DeFi governance.
Technically, the ADA/USDT pair is showing strong bullish patterns after a 60% decline over the past year. A golden cross has been observed on shorter timeframes, and the price is now testing a critical resistance level at $0.401, which aligns with the 50-day moving average. A sustained breakout above this level could signal a historical move, bringing in significant trading volume. The 4-hour chart indicates the price is currently correcting within a demand zone between $0.3849 and $0.3805, from which a rebound is anticipated.
Adding to the bullish sentiment, market analyst Quantum Ascend has presented a highly optimistic outlook. He believes Cardano has completed its long-term corrective phase (D-wave) within an ABCD pattern dating back to 2018 and is now poised to enter an impulsive E-wave rally. Drawing parallels to the 2020 correction that preceded a major bull run, the analyst projects a potential surge to $10.4—a 24x increase from current levels. Even a more conservative target is set at $5, representing a 12x gain.
Quantum Ascend's analysis is supported by technical indicators. The weekly Stochastic RSI is coiling upward in a pattern similar to 2020, and the MACD histogram shows receding bearish pressure, suggesting a potential trend reversal. He concludes that a powerful rally is "only a matter of time" as bullish indicators align.
