Recently, crypto analyst Trend Rider has pointed out the potential for Cardano (ADA) to experience a significant price rally in the near future. According to Trend Rider’s analysis, Cardano could potentially rise to as high as $3 when this rally takes place. The analyst mentioned in a social media post that history could repeat itself, indicating that Cardano might be approaching its “ultimate support test” before making a parabolic move upwards. This prediction is based on a similar price movement that occurred in October 2020, where Cardano’s price dropped to $0.10 and then surged to $3. Trend Rider also highlighted Cardano’s current bullish Relative Strength Index (RSI) crossover and retest, suggesting that the crypto token may be gearing up for another significant move. The RSI crossover is seen as an indicator that can effectively predict bull and bear markets for ADA.
Importance of Holding Support Levels
In a previous analysis, Trend Rider emphasized how critical it was for Cardano to maintain its current support level. According to the analyst, ADA’s price is currently at an extremely crucial point, and a failure to hold this support zone could lead to a rapid decline to $0.25. On the other hand, if Cardano manages to stay above this support level, it could signify the bottom before a potential rise to $1. Trend Rider also mentioned that Cardano’s next price movements will heavily depend on Bitcoin’s performance. The analyst predicts that altcoins like Cardano could witness a substantial bounce if Bitcoin surpasses $65,000 after its recent dip. Conversely, a continued downward trend in Bitcoin’s price could signal a bear market for cryptocurrencies.
Analyst Alan Santana’s Perspective
Crypto analyst Alan Santana has also provided some optimism to ADA holders, suggesting that the crypto token’s bearish trend may not last forever. Despite Cardano being in the red for seven consecutive weeks, Santana remains bullish on its future trajectory. He anticipates a significant positive movement for Cardano in the latter part of 2024 and throughout 2025. Santana advised that the current period could be an opportune time to accumulate ADA for those looking to benefit from the anticipated bullish trend. For long-term investors, Santana highlighted the price range of $0.40 to $0.45 as a favorable buying zone. This price range aligns with Santana’s previous prediction of where Cardano could find support. As of the latest data, Cardano is trading around $0.45, showing a slight decrease of nearly 2% in the last 24 hours.
Both Trend Rider and Alan Santana provide valuable insights into the potential price movements of Cardano. While Trend Rider’s analysis suggests a bullish scenario with the possibility of a significant price rally to $3, Santana offers a longer-term perspective on Cardano’s trajectory. As with any investment, it is essential for investors to conduct their research and consider the risks involved. Cardano’s price movements are closely tied to market dynamics, particularly influenced by Bitcoin’s performance. It will be interesting to see how Cardano’s price evolves in the coming weeks and months as the crypto market continues to fluctuate.