- Cardano trades at $0.635 after declining nearly 2% following Tuesday’s pullback.
- Analyst Javon Marks identifies intact bullish structure with higher highs pattern.
- Price target of $2.96 represents 366% gain from current trading levels for ADA.
Cardano continues to show signs of an uptrend despite recent price weakness, according to technical analysis from market observer Javon Marks. The analyst points to a pattern of higher highs and higher lows that remains intact after the token’s breakout.
ADA currently changes hands at $0.635 after declining nearly 2% on Wednesday. The token reached $0.685 earlier in the week but failed to hold those gains, closing 3% lower than its opening price on Tuesday. Despite the short-term weakness, several analysts maintain optimistic views on the asset’s trajectory.
Bullish structure remains in place
Marks highlights that Cardano has formed a clear uptrend pattern following its initial breakout. The token rallied to $0.81 in March 2024, establishing a higher high. ADA then created a higher low at $0.27 in August 2024 before pushing to $1.327 in December 2024, forming another higher high.
The recent low of $0.279 on October 10 did not breach either the breakout point or the previous higher low level. This price action suggests the bullish structure has not been violated, according to the analyst’s interpretation of the chart patterns.
Marks argues this formation indicates another major price move could be approaching for Cardano. The preservation of the uptrend structure through recent volatility provides technical support for the bullish case.
Analyst sets $2.96 price objective
In his price forecast, Marks identifies $2.96 as the next higher high target for ADA. At the time of his analysis, this level represented a 333% increase from the token’s then-current price. From today’s trading level of $0.635, reaching $2.96 would require a 366% rally.
This price objective would bring Cardano close to its 2021 all-time high. Several market watchers believe ADA could surpass those previous peak levels during the current market cycle. Analyst Chris O has projected a price range between $5 and $8 for Cardano this cycle.
The path to these elevated price targets depends on multiple factors. Bitcoin’s performance, overall crypto market conditions, and development progress within the Cardano ecosystem will all play roles in determining whether ADA can achieve these levels.
Market participants will watch whether Cardano can hold support levels and resume its upward trend. The formation of another higher low would strengthen the technical case for the analyst’s price projection.
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