Analyst Predicts Cardano Could Reach $6.25 If Uptrend Holds
Cardano Price Analysis: Potential for $6 Target
- Cardano's weekly chart remains bullish, supported by a multi-year rising channel since the 2018–2019 base.
- The channel's lower rail passes through $0.33–$0.35, with the midline acting as a pivot since 2020.
- Key Fibonacci retracement levels include $0.23488 (0%), $0.33360 (0.136), $0.62932 (0.382), and $1.15694 (0.618).
- Cycle extensions are plotted at $6.25325 (1.272), $9.00941 (1.414), and $15.26831 (1.618).
- For Cardano to reach $6.25, the uptrend must hold, and the price needs to convert $1.15694 into support on weekly closes.
- If the 0.618 level at $1.15694 is breached, potential targets are $1.44, $1.78, and $2.32 before reaching $3.10.
- A failure to maintain above $0.62932 would weaken the uptrend outlook, shifting focus back to lower levels like $0.43180 and $0.33360.
- At press time, ADA traded at $0.67.
The analysis suggests that Cardano can potentially reach $6.25 this cycle, contingent upon maintaining the uptrend and surpassing the 0.618 ceiling.