Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches Ultimate Support Test
Crypto analyst Trend Rider has drawn Cardano (ADA) holders attention to the crypto tokens potential to experience a significant price rally soon enough. Based on Trend Riders 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 Cardanos price dipped to $0.10 and skyrocketed to $3 afterwards.
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.
Meanwhile, in an earlier X post, Trend Rider explained how crucial it was for Cardano to hold its current support level. According to him, ADAs 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 Cardanos 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 Bitcoins price continues to dip, then it is bear market mode, Trend Rider added.
Cardano Wont Be In The Red Forever
Crypto analyst Alan Santana has provided some form of optimism to ADA holders, stating that the crypto token wont 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 tokens future trajectory as he predicts that Cardano will experience a big green in the latter part of 2024 and most of 2025.
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.
Read more: https://www.newsbtc.com/news/cardano/cardano-rally-to-3-support/
Text source: NewsBTC
