Crypto analyst Trend Rider has drawn Cardano (ADA) holders’ attention to the potential significant price rally that could be on the horizon for the crypto token. Trend Rider suggested that based on historical patterns, Cardano has the potential to rise as high as $3 in the near future. This view is supported by the fact that in October 2020, Cardano’s price experienced a similar dip to $0.10 before skyrocketing to $3 shortly after. Trend Rider also highlighted that Cardano is currently showing a bullish Relative Strength Index (RSI) crossover and retest, indicating a possible upcoming parabolic move in its price.
In a previous post, Trend Rider emphasized the critical nature of Cardano holding its current support level. According to Trend Rider, ADA’s price is currently at an extremely crucial point, and failure to maintain this support zone could lead to a rapid decline to $0.25. However, if Cardano can maintain above this support level, Trend Rider believes that it could signal the potential bottom before a rise to $1. The future trajectory of Cardano is said to be heavily dependent on Bitcoin’s movements, with the expectation that altcoins like Cardano will experience a significant bounce if Bitcoin’s price rises above $65,000 following its recent dip.
Despite Cardano maintaining a bearish outlook for seven consecutive weeks, crypto analyst Alan Santana remains optimistic about the future potential of the crypto token. Santana predicts a turnaround with a “big green” expected in the latter part of 2024 and most of 2025. He advises that this period presents an excellent opportunity for accumulation for those looking to ride the bullish wave in the future. For long-term investors, Santana recommends a buy zone between $0.40 and $0.45, which he previously identified as a potential support level. Currently, Cardano is trading around $0.45, showing a slight decline of almost 2% in the last 24 hours.
Crypto analysts are pointing towards a positive outlook for Cardano (ADA) in the coming months, with the potential for a significant price rally up to $3. While short-term fluctuations may occur, the overall sentiment remains bullish, especially with the anticipation of a bounce in the crypto market following Bitcoin’s movements. Both Trend Rider and Alan Santana provide valuable insights into the potential future trajectory of Cardano, urging investors to carefully monitor support levels and market trends for informed decision-making in the crypto space.
Cardano’s potential to rally to $3 presents an exciting opportunity for investors, but caution and thorough research are always advised in the volatile world of cryptocurrencies. Stay informed, stay alert, and make financial decisions based on a well-rounded understanding of the market dynamics.