The post Is Cardano Price Heading to $3? Experts Weigh in on This Bullish Pattern appeared on BitcoinEthereumNews.com.

The cryptocurrency market rebounded strongly in the first week of 2025. As the pioneer digital asset, Bitcoin reclaimed the $100k level most altcoins witnessed renewed bullish. However, the Cardano price reversal garnered crypto analyst interest as the recent breakout from the reversal pattern hints at a $3 rally. During Monday’s U.S. market session, the ADA price trades at $1.11 with an intraday gain of 2%. According to Coingecko, the asset’s market cap stands at $39.7 Billion, while the trading volume is at $1.37 Billion. Key Highlights: The crypto analyst highlights a key breakout from the pennant pattern with a potential target at $3. The Cardano price is 14.5% short of its escape from a three-year accumulation trend. The Fibonacci extension tool indicates potential resistance at $1.22, $1.76 and $2.12. Cardano Price Breaks Out of Pennant Pattern; Analyst Predicts $3 Target  In a recent tweet, a renowned crypto analyst, Ali Martinez, showcased a bullish outlook for Cardano price after a recent breakout from the pennant pattern. The chart setup is characterized by a steep ascending pole showcasing the major trend and a temporary pullback displayed by two converging trendlines. Historically, the correction recuperates the exhausted bullish momentum to resume the prevailing market rally. On January 1st, the ADA coin gave an upside breakout from the upper trendline. According to the Fibonacci extension, the analyst predicts this post-breakout rally could chase a $3 high. Cup and Handle Pattern Signals Major Trend Reversal The weekly chart analysis supports the bullish thesis with the formation of another classic reversal pattern called cup and handle. The chart setup indicates a long-term accumulation through a U-shaped recovery, indicating a major trend reversal in Cardano price. If the pattern holds, the coin price is 14.4% away from a major neckline breakout of $2.5. The potential breakout rally…

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Filed under: News - @ January 6, 2025 5:27 pm