Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’
April 18 2024 - 6:00PM
NEWSBTC
Crypto analyst Trend Rider has drawn Cardano (ADA) holders’
attention to the crypto token’s potential to experience a
significant price rally soon enough. Based on Trend Rider’s
analysis, Cardano could rise to as high as $3 when this
happens. Cardano To Rise To $3 If History Repeats Itself
Trend Rider mentioned in an X (formerly Twitter) post that if
history repeats itself, Cardano might be on the brink of its
“ultimate support test” before it makes a parabolic move to the
upside. He further suggested that the crypto token could soar to
$3, considering the same happened in October 2020 when Cardano’s
price dipped to $0.10 and skyrocketed to $3 afterwards.
Related Reading: Crypto Exchanges Bitcoin Supply Can Only Last For
9 Months, ByBit Report The crypto analyst also revealed that
Cardano was currently experiencing a bullish Relative Strength
Index (RSI) crossover and retest, which could mean it was indeed
gearing up for another parabolic move. This RSI crossover is an
indicator that “perfectly predicts bull and bear markets for ADA.”
Source: X Meanwhile, in an earlier X post, Trend Rider explained
how crucial it was for Cardano to hold its current support level.
According to him, ADA’s price is “right now at an extremely
critical level, and if it fails to hold its current support zone,
then it could fall quickly to $0.25.” However, if Cardano manages
to hold above this support level, then this could be the “exact
bottom right now” before it rises to $1, Trend Rider claimed.
Trend Rider further elaborated that Cardano’s next move will depend
“entirely” on what Bitcoin does. He predicts that altcoins like
Carano will experience a “monstrous bounce” if the flagship crypto
rises above $65,000 after its current price dip. However, if
Bitcoin’s price continues to dip, then it is “bear market mode,”
Trend Rider added. Cardano Won’t Be In The Red Forever
Crypto analyst Alan Santana has provided some form of optimism to
ADA holders, stating that the crypto token won’t be red forever. He
made this statement while acknowledging that Cardano has maintained
a bearish outlook, having been in the red for seven weeks now.
Despite that, he remains bullish on the crypto token’s future
trajectory as he predicts that Cardano will experience a “big
green” in the “latter part of 2024 and most of 2025.” Related
Reading: Historical Trends Show What To Expect For Bitcoin Price
Following The Halving Santana also noted that this was an excellent
time to accumulate for those who intend to enjoy the “entire
bullish wave.” For those looking to invest in ADA long-term, the
crypto analyst highlighted the price range of $0.40 and $0.45 as a
good “buy zone.” That is also the price area Santana had previously
predicted Cardano could drop to in its bid to find support. At the
time of writing, Cardano is trading at around $0.45, down almost 2%
in the last 24 hours, according to data from CoinMarketCap.
ADa price struggles to hold $0.45 | Source: ADAUSDT on
Tradingview.com Featured image from The Daily Hodl, chart from
Tradingview.com
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024