Cardano (ADA) Explodes From Bull Pennant — Can It Hit $1.60 Next?

Key Points

1. Cardano (ADA) broke out of a multi-month pennant formation, retesting the $0.85 level, which now acts as short-term support.

2. Analyst Jonathan Carter identified potential upside targets at $1.03, $1.17, $1.33, and $1.60 based on historical price action and high-volume areas.

3. The Relative Strength Index (RSI) is below 70, indicating room for further upward movement before reaching overbought levels.

4. Historical trends suggest ADA could follow a similar structure to past 200%-300% moves, with a possible target of $2.40.

5. Futures activity and market participation in ADA have increased, with open interest reaching $1.7 billion, signaling growing investor interest.