Cardano price breaks out; popular crypto pro sees it hitting $10

Cardano price made a strong bullish breakout on Wednesday, Nov. 20, as the crypto fear and greed index rose and Bitcoin reached a record high.

This rally was driven by the ongoing risk-on sentiment in the crypto market, reflected in the fear and greed index jumping to 84.

Three key drivers of growth

Third, the Federal Reserve’s dovish tone, signaling continued interest rate cuts into 2025, has boosted risk assets.

Analysts remain bullish on Cardano. In an X post, crypto analyst Beastlyorion, who has over 71,000 followers, projected ADA could reach $10 in the long term—a potential 1,100% increase from the current level.

Cardano price analysis

On the weekly chart, Cardano has formed a double-bottom pattern at $0.26 and has now broken above the neckline at $0.81, its highest level since March this year. This breakout aligns with the ultimate resistance level of the Murrey Math Lines.

The cryptocurrency has also moved above the 50-week and 25-week weighted moving averages, with the Relative Strength Index trending upwards.

Given these factors, Cardano’s price is likely to continue rising, with bulls targeting the 50% Fibonacci retracement level at $1.60—approximately 93% higher than the current price.