Trend Rider Crypto Analyst has drawn the attention of Cardano (ADA) holders to the crypto token’s potential to experience a significant price rally soon. Based on Trend Rider analysis, Cardano it could rise to as much as $3 when that happens.
Cardano will rise to $3 if history repeats itself
Trend Rider mentioned in a publish that if history repeats itself, Cardano could be on the verge of its “final support test” before making a parabolic move higher. He further suggested that the crypto token could rise to $3, considering the same happened in October 2020 when Cardano’s price fell to $0.10 and skyrocketed to $3 after.
The crypto analyst also revealed that Cardano was currently experiencing a high Relative Strength Index (RSI) crossover and retest, which could mean it was actually preparing 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 period X post, Trend Rider explained how crucial it was for Cardano to maintain its current support level. According to him, the price of ADA is “right now at an extremely critical level and, if it fails to maintain its current support zone, it could quickly fall to $0.25.” However, if Cardano manages to hold above this support level, then this could be the “exact bottom now” before rising to $1, Trend Rider stated.
Trend Rider further elaborated that Cardano’s next move will “entirely” depend on what Bitcoin does. He predicts that altcoins like Carano will experience a “monster bounce” if they become the leading cryptocurrency. rises above $65,000 after the current price drop. However, if the price of Bitcoin continues to fall, then it is a “bear market mode,” Trend Rider added.
Cardano won’t stay in the red forever
Crypto Analyst Alan Santana provided some form of optimism to ADA holders, stating that the crypto token will not stay red forever. He made this statement acknowledging that Cardano has maintained a bearish outlook, having been in the red for seven weeks. Despite this, he remains optimistic about the Crypto Token Future Trajectory as he predicts Cardano will experience a “big green” in “late 2024 and most of 2025.”
Santana also highlighted that this was an excellent moment of accumulation for those who want to take advantage of “the entire upward wave”. For those looking to invest in ADA long-term, the crypto analyst highlighted the $0.40 and $0.45 price range as a good “buy zone”. This is also the price area that Santana had previously predicted Cardano could give up in its attempt to find support.
At the time of writing, Cardano is trading 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
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