However, he emphasized that the Cardano price is consolidating above its moving averages, suggesting it is preparing for a potential breakout while \u201cshaking out weaker hands.\u201d\u00a0<\/p>\n
Trend Rider further anticipates <\/a>a resumption of bullish momentum soon, forecasting that once the Cardano price breaks through the $1.25 resistance level, it could rapidly surge toward the $3 mark, inching closer to its previous record peak.<\/p>\n Adding to the optimistic outlook, analyst Ali Martinez pointed out <\/a>that after experiencing a 44% correction, Cardano began its second leg up during the week of February 1, 2021.\u00a0<\/p>\n Given that ADA has already undergone a 43% correction recently, the analyst suggests that the next upward movement for ADA could be just two to three weeks away, with a target of $6 in sight.<\/p>\n Another analyst, AV Sebastian, also weighed in, suggesting that the price recent dip may be over, and that the Cardano price is poised to break out of a triangular pattern. He highlighted the last two candles as particularly bullish and expects a significant rally in the coming days.<\/p>\n In analyzing short-term price actions, several analysts noted <\/a>that ADA is exhibiting a \u201cvery bullish market structure\u201d on the daily timeframe. On the chart is observed a double bottom formation leading to a breakout and a V-shaped recovery along a descending channel.\u00a0<\/p>\n It is further believed that a retest of the key support zone at $1.3886 appears inevitable for ADA\u2019s price in the near-term, which would then lead to price uptrend with a main target of $1.7748.<\/p>\nAnalysts Identify Key Support And Price Targets<\/h2>\n