In the ever-fluctuating world of cryptocurrency, Trend Rider, a savvy analyst has sparked anticipation among enthusiasts of Cardano (ADA) with his latest forecast. Based on his comprehensive review, he suspects this token is primed for a substantive surge, possibly peaking at an enticing $3 a unit.
Trend Rider, who frequently shares his astute observations on the social media platform X (previously known as Twitter) believes that if history acts as a reliable guide, Cardano stands on the precipice of a decisive “ultimate support test.” Success here could pave the way for a dynamic shift upwards. He opines that the same trajectory occurred in October of 2020, wherein Cardano, dipping to a humble $0.10, shot up to the spectacular high of $3 in little time.
In addition to his prediction, Trend Rider documented that Cardano is presently witnessing a bullish Relative Strength Index (RSI) crossover and subsequent retest. This condition could hint at the token gearing up for another skyward leap. Of interest, a RSI crossover often acts as a reliable indicator in predicting bull and bear markets for ADA.
Moreover, in another post on the same platform, Trend Rider broke down Cardano’s crucial dependence on its current support level. He insisted that ADA’s price teetered on a precarious ledge. A failure to maintain its current zone could see a swift tumble to $0.25. However, should Cardano succeed in bolstering this support level, it could signify that this is the ground floor before its inevitable climb to $1.
In tandem with previous predictions, Trend Rider explained that Cardano’s future hinges ping-pong like, on Bitcoin’s moves. If Bitcoin regains its footing above $65,000, it would instigate a potent ripple effect, facilitating a significant boost for altcoins, including Cardano. Nevertheless, should Bitcoin continue its descent, it would mean a bear-like scenario, he cautioned.
In this vortex of shifting predictions, crypto analyst Alan Santana shared a ray of optimism. Sensing the frustration of ADA holders, with the ride being in the red for several weeks, Santana countered that Cardano’s negative streak would not persist indefinitely. Despite the bearish narrative, he remained steadfast in his optimism, forecasting that Cardano would turn the corner in the latter part of 2024 and well into 2025.
For those on the sideline, Santana suggested that now might be the opportune moment to jump in and ride the upcoming bullish wave. In the long term, he marked the $0.40 to $0.45 range as an advantageous purchasing window. This range, in his estimation, would become Cardano’s primary support line.
At the moment, Cardano trades at approximately $0.45 and has seen a dip of nearly 2% in the last 24 hours, data from CoinMarketCap verified.
A word of caution to note, the sphere of the crypto market is volatile and unpredictable. Therefore, prospective investors should always carry out extensive research and advisory consultation before making investment decisions. Remember, every investment carries risks and investors take on these risks entirely at their own discretion.
Be the first to comment