Crypto analyst Trend Rider has recently brought the attention of Cardano (ADA) holders to the potential for a significant price rally in the near future. According to Trend Rider, Cardano could potentially rise to as high as $3 when this rally occurs. Drawing parallels to history, Trend Rider believes that Cardano might be on the verge of its “ultimate support test” before making a parabolic move to the upside. In October 2020, Cardano experienced a similar pattern where the price dipped to $0.10 before skyrocketing to $3, indicating a possible repeat scenario. Additionally, Trend Rider highlighted that Cardano is currently demonstrating a bullish Relative Strength Index (RSI) crossover and retest, suggesting that the crypto token could be gearing up for another significant move.
Importance of Support Levels
In a previous post, Trend Rider emphasized the critical nature of holding Cardano’s current support level. He warned that if ADA fails to maintain its support zone, it could quickly fall to $0.25. Conversely, if Cardano manages to stay above this support level, Trend Rider believes that it could be the start of an upward trend towards $1. The analyst also pointed out that Cardano’s next move will be heavily influenced by Bitcoin’s performance. Trend Rider predicts a potential “monstrous bounce” for altcoins like Cardano if Bitcoin rises above $65,000 after its current dip. However, he cautioned that a continued decline in Bitcoin’s price could signify a move into bear market territory for the cryptocurrency market.
Optimism Amidst Bearish Trends
Crypto analyst Alan Santana provided a glimmer of optimism for ADA holders by stating that the crypto token’s bearish phase won’t last forever. Despite Cardano being in the red for seven consecutive weeks, Santana remains bullish on its future trajectory. He anticipates a significant green upward movement in the latter part of 2024 and most of 2025, encouraging investors to accumulate during this period. For long-term investors looking to enter the ADA market, Santana highlighted the price range of $0.40 to $0.45 as a favorable “buy zone.” This aligns with his previous prediction of Cardano potentially dropping to this level to establish support. Currently, Cardano is trading at around $0.45, reflecting a slight decrease of almost 2% in the last 24 hours.
The analysis provided by Trend Rider and Alan Santana offers valuable insights into the potential price movements of Cardano (ADA). While Trend Rider foresees a possible rally to $3 based on historical patterns and technical indicators, Santana remains optimistic about Cardano’s long-term growth despite recent bearish trends. Investors in the ADA market should carefully consider these analyses and conduct their own research before making any investment decisions. As the cryptocurrency market is inherently risky, thorough due diligence is essential to mitigate potential risks associated with trading or holding digital assets.
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