Crypto analyst Trend Rider has recently pointed out the potential for Cardano (ADA) to experience a significant price rally in the near future. According to Trend Rider, based on historical data, Cardano could see a price surge up to $3. This prediction is based on Cardano’s past behavior, where the price dipped to $0.10 in October 2020 and then skyrocketed to $3 shortly after. Trend Rider also highlighted that Cardano is currently showing a bullish Relative Strength Index (RSI) crossover and retest, indicating a possible upcoming parabolic move.
In a previous analysis, Trend Rider emphasized the criticality of Cardano holding its current support level. If Cardano fails to maintain this support zone, there is a risk of the price falling quickly to $0.25. However, if Cardano manages to stay above this level, it could mark the bottom before a potential rise to $1. Trend Rider also mentioned that Cardano’s next move will be heavily influenced by Bitcoin’s price movement. He suggested that altcoins like Cardano could experience a significant bounce if Bitcoin rises above $65,000, but if Bitcoin’s price continues to decline, it could indicate a bear market for Cardano.
Another crypto analyst, Alan Santana, provided a more optimistic outlook for ADA holders. Despite Cardano being in the red for seven consecutive weeks, Santana remains bullish on the crypto token’s future trajectory. He predicted a “big green” in the latter part of 2024 and most of 2025 for Cardano. Santana advised investors to accumulate during this bearish period to benefit from the upcoming bullish wave. He also identified the price range of $0.40 to $0.45 as a good buy zone for long-term ADA investors, which coincides with his earlier prediction of Cardano’s potential support level.
Overall, the analysis from Trend Rider and Alan Santana provides valuable insights for Cardano investors. The potential for a significant price rally to $3 based on historical patterns and technical indicators is worth considering. However, the importance of monitoring Bitcoin’s price movements and maintaining key support levels cannot be overlooked. Investors are advised to conduct their own research and consider the risks associated with investing in cryptocurrencies before making any decisions. Remember that investing always carries risks, and it is essential to make informed choices based on thorough analysis and understanding of the market dynamics.