The price of Cardano (ADA) has started to rebound after a sharp sell-off over the past couple of weeks. With the broader crypto market stabilizing, one analyst sees ADA potentially embarking on a new bullish uptrend.
The crypto trader known as CobraVanguard believes Cardano has completed a corrective “ABC” wave pattern that typically signals the end of a downside move. After Wave C pushed ADA briefly below $0.40, the analyst stated the “time to start the five bullish waves” had arrived.
CobraVanguard pointed to an ascending chart structure, bullish wedge formation, and the emergence of high probability areas as technical evidence supporting their bullish ADA thesis. However, they cautioned the upside outlook could be invalidated if the wedge pattern breaks down.
For now, the analyst is mapping out an initial target of $0.77 for the first wave higher. This would be followed by a pullback to $0.64 before resuming the uptrend. While some are calling for a run to $2 or higher, CobraVanguard has a more modest potential top around $1.09 for Cardano.
As one of the leading smart contract platforms, traders will be watching Cardano closely to see if this rally prediction plays out after its major drawdown. The resilience of ADA’s price could renew optimism in the broader altcoin market.
