Cardano’s ADA has been on the watchlist of investors and analysts, many of whom believe the coin is set for a massive bullish rally even despite recent market corrections.
Despite the price decline over the weekend, ADA has recorded roughly 50% gains in the last 30 days. Analysts are now closely watching key resistance levels that ADA has unsuccessfully failed to break this year.
ADA Poised for Price Breakout Despite Recent Struggle
Analyst and crypto Youtuber LuckSide Crypto acknowledged that ADA has lagged behind other major cryptocurrencies in price performance amid recent volatility. Still, he reassured investors that significant gains for ADA are on the horizon.
The analyst highlighted ADA’s persistent attempts to breach the 40-to-41 cent range, a formidable obstacle it has grappled with throughout the year, facing rejection and downward pressure.
As we can see in the 1-month chart, ADA tried to break above 40 cents two times this November — far more than any other month in 2023, suggesting bulls are trying to take over the narrative as the overall market sees a healthy recovery. That said, ADA managed to float above 40 cents in April, which lasted only about a week.
The analyst drew parallels between BTC and ADA, stating that if BTC manages to break above $38k, ADA will also try to break its crucial resistance levels. He attributed the potential surge to Bitcoin’s recent ability to maintain a position above its 20-month moving average, marking a new monthly green close.
Can ADA Break These Key Resistance Levels?
LuckSide is not the only investor with bullish hopes for ADA. Many analysts are convinced the coin is in its “pre-bull” phase, and we might see the coin recording gains of over 100% in the upcoming months.
Dan Gambardello, the Founder of Crypto Capital Venture, foresees ADA achieving an all-time high of approximately $11. Like LuckSide’s analysis, Gambardello also draws attention to historical trends, noting that ADA experienced substantial price growth one year after the previous BTC halving.