Cardano (ADA) Price Prediction: Aiming to Break Target of $1.67 by Year-End

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As altcoins prepare for a major breakout, Cardano shows potential for a significant rebound. Although ongoing pullbacks cast a shadow on the likelihood of a breakout, network growth and market recovery suggest a high momentum run.

With Bitcoin nearing the $108,000 mark at a price of $106,619, buying pressure in the altcoin sector is surging. The total market capitalization of cryptocurrencies, excluding Bitcoin and Ethereum, has soared 1.73% in the past 24 hours, reaching $1.08 trillion.

As the situation for altcoins continues to improve, Cardano is at a crossroads with increasing bull opportunities at $1.10. Will Cardano set a new 52-week high before the end of 2024?

Cardano's breakout target is $1.67

In the two-hour price chart, Cardano's price trend shows a long-term resistance trend line. The price of Cardano is gaining critical support near $1.054.

This critical support area coincides with the 38.20% Fibonacci level. Currently, the ADA price trend within the triangle pattern reflects the potential for a double bottom reversal.

Additionally, the horizontal trend within the triangle pattern forms a consolidation range. The 38.20% and 50% Fibonacci levels are $1.054 and $1.101, respectively, serving as two boundary levels. Therefore, a triangle breakout will also signify Cardano's move beyond this range.

Driven by whale traders, Cardano (ADA) price is poised to surge nearly 50%

The reversal bounce is challenging the upper resistance trend line, suggesting a bullish breakout. The two-hour RSI line supports the rebound trend, indicating bullish divergence within the triangle pattern.

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