Cardano Secures $1.5 Price Target as Analysts Highlight Breakout Potential

Cardano (ADA) is seeing impressively bullish price action, prompting market analysts to project a breakout that could take the coin to $1.5.

Cardano Bull and Crypto Capital Venture Founder Dan Gambardello is at the forefront of this current ADA forecast, doubling down on his conviction that the digital currency is set to break above the $1 benchmark.

I see $1.50 ADA target 👀 pic.twitter.com/4eFFunm8Mf

— Dan Gambardello (@cryptorecruitr) March 11, 2024

The Cardano growth trend has been slow but consistently steady and following the 40% jump over the past month, Gambardello believes the coin has a chance this time.

While Dan Gambardello gave no definitive basis for his $1.5 ADA price target, market analyst and creator of Rider Algo, Trend Rider shared more insight on why a breakout is imminent.

Cardano Breakout Signals

According to Trend Rider, ADA is going parabolic just like it did in the past bull market when the price moved from $0.2 to $3. He shared a chart dating back to November 2020, which showing the cross of the coin’s “Parabolic Line.”

🚨 $ADA going parabolic.

Just like it did past bull market when it went from 0.20USD to 3.0USD.

Why?
There is a confirmed cross of our parabolic red line, the same that predicted Bitcoin new ATH months ago.

When to revaluate?
If there is a close below red line again on the… pic.twitter.com/YfZjHIKMn9

— Trend Rider (@TrendRidersTR) March 11, 2024

The first cross of the Parabolic Red line was first recorded in early 2020 and the effect was a surge to the All-Time High (ATH) of $3.1 in September. The same set-up has formed again as the ADA price trend just closed above the Parabolic Line. Should history repeat itself, chances are the $1.5 projection from Dan Gambardello will be among the first targets on its way up.

Cardano has maintained a fairly steady growth in the market today. The price and market capitalization are currently pegged at $0.7529 and $26,762,152,047, up by 2.45% in 24 hours. Cardano managed to breach the $0.78 resistance point earlier this month but faced a sharp rejection that has triggered a mild correction.

Moderate Growth Scenario

Cardano might be facing a major test to breakout. Historically, March has proven to be a relatively bullish month for the digital currency. Should the market momentum be sustained, Cardano might ride on the previous trend to close March on a positive note the way it has done since 2022, per data from Cryptorank.

With its internal fundamentals featuring the upgrades of key innovations like Hydra to the hype in the broader market fueled by Bitcoin, Cardano is primed to exceed expectations this month.