Cardano's current price is $0.58, with a surge in bullish sentiment reaching a 30-day high at 93.8%, hinting at growing confidence.
Comparisons are being drawn between the current sentiment spike in Cardano and its 2020 rally, raising speculation about a potential bullish breakout if prices surpass the $0.80 resistance levels.
Elliott Wave analysis suggests potential bullish breakout targets for Cardano at $1.35, $2.00, and $3.20, with signs of a corrective phase conclusion and a motive wave building up.
Chartist Ali Martinez highlights a descending channel pattern on ADA, with a breakout above $0.67 potentially leading to further gains towards $0.83 and $0.91, indicating a shift in short-term market momentum.