Crypto trader Weslad predicts a 487% surge in the price of Cardano to $1.95 after rebounding from a crucial support level.
In today’s Cardano news, Weslad expects ADA to aim for a major supply zone at $1.95 after successfully bouncing from an accumulation region around the $0.355 price mark.
ADA Price Going as Planned
Weslad earlier speculated on a price consolidation after Cardano failed to hold the $0.611 region after breaking out from a falling wedge on the 2W timeframe. According to his chart, ADA will correct slightly to the demand zone at $0.59.
However, the support zone failed to hold in June after a wider market capitulation forced ADA to break below the $0.59 support. Notably, the ADA price also corrected below the next support at $0.4 before finding solace in a major accumulation zone at the $0.355 region.
Interestingly, as Weslad speculated, ADA held the $0.355 demand zone. As a result, the analyst noted that the price was going according to plan as he expected a significant rally from the accumulation region.
Notably, ADA has gained bullish momentum after holding the $0.355 support, rebounding over 11% to trade at $0.399. However, Weslad expects a further uptrend to $1.95, where a strong resistance level is on the ADA price chart.
ADA up for a 487% Rally
As bulls seem to have regained market control, Weslad expects an ADA price uptick to $1.95. This surge would represent a 487% growth from the current market price.
Notably, Weslad expects a price consolidation in two areas before reaching the supply zone. Per his chart, he speculated a consolidation around the $0.6 and $0.7 regions. This was the area where ADA faced a rejection earlier in the year.
If ADA’s bullish momentum persists and it sustainably pulls past the level, the analyst expects another stop at the $1 to $1.2 region. For context, Cardano peaked around that region during the 2018 bull cycle. ADA also failed to break through the zone in early 2022, which was the last time it traded that high.
It bears mentioning that Weslad is among other notable analysts who speculate that ADA will surge exponentially during the bull run. Crypto analyst Dan Gambardello predicted an even more ambitious price for Cardano, tipping the asset to rally 1,000% to $3.553.
The renowned analyst cited a bullish divergence in the ADABTC chart, signaling an underlying price surge. Gambardello noted that a similar price pattern propelled a tenfold price uptick for ADA against Bitcoin in 2020, insinuating that Cardano might follow the same price action if history repeats.
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