Cardanos Critical Support Level Could Determine Next Major Rally, Says Analyst
- Cardano needs to hold $0.72 for continued bullish momentum
- ADA retraces 8% from recent multi-year high
- Analysts project targets ranging from $1.36 to $6
Leading cryptocurrency analyst Rekt Capital has identified a crucial price level that Cardano (ADA) must maintain to continue its bullish trajectory. The analysis comes as ADA consolidates following its recent surge to $0.8466, a level not seen since April 2022.
Analyst shares key Cardano support levels
According to Rekt Capital, the $0.72 mark has transformed from resistance into a critical support level. Cardano needs to establish solid support at this former supply zone to maintain its upward momentum, the analyst noted.
Despite Bitcoins push to a new all-time high of $98,000, Cardano has shown divergent behavior, retracing over 8% from its recent peak. This disconnect from the market leaders performance has raised questions about ADAs immediate trajectory.
Technical analysis suggests several potential targets for ADA:
- Near-term Fibonacci extension at $0.994 (1.272)
- Secondary target at $1.363 (1.618)
- Long-term projection of $6 by analyst Ali Martinez (July-September 2025)
Cardano could replicate its 2020 bull cycle performance, Martinez stated, dismissing criticism of the asset while maintaining his bullish long-term outlook.
Trading at $0.78, ADA shows marginal daily losses but maintains a 9% buffer above the crucial $0.72 support zone. The sustainability of this position could determine the assets next major move as the market watches for confirmation of continued bullish momentum.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
