Crypto analyst Trend Rider has drawn the attention of Cardano (ADA) holders to the crypto token’s potential to experience a significant price increase soon enough. Based on Trend Rider’s analysis, Cardano could amount to as much as $3 if this happens.
Cardano rises to $3 as history repeats itself
Trend Rider mentioned in an X (formerly Twitter) after that if history repeats itself, Cardano could be on the brink of its ‘ultimate support test’ before making a parabolic move to the upside. He further suggested that the crypto token could rise to $3 as the same happened in October 2020 when Cardano’s price fell to $0.10 and skyrocketed to $3 then.
The crypto analyst also announced this Cardano was currently experiencing a bullish Relative Strength Index (RSI) crossover and retest, which could mean it was indeed preparing for another parabolic move. This RSI crossover is an indicator that “perfectly predicts the bull and bear markets for ADA.”
Source: X
Meanwhile, in an earlier X message, Trend Rider explained how crucial it was for Cardano to maintain its current support level. According to him, ADA’s price is “currently at an extremely critical level, and if it fails to hold its current support zone, it could quickly fall to $0.25.” However, if Cardano manages to hold above this support level, it could be the “exact bottom right now” before rising to $1, according to Trend Rider.
Trend Rider further explained that Cardano’s next move will depend “entirely” on what Bitcoin does. He predicts that altcoins like Carano will experience a “monstrous jump” as the flagship becomes crypto rises above $65,000 after the current price drop. However, if the price of Bitcoin continues to decline, it will be in “bear market mode,” according to Trend Rider.
Cardano will not be in the red forever
Crypto analyst Alan Santana has given a form of optimism to ADA holders, to report that the crypto token will not be red forever. He made this statement while acknowledging that Cardano is a bearish outlook, after being in the red for seven weeks. Nevertheless, he remains optimistic about the course the future trajectory of crypto tokens 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 looking to ride the “really bullish wave.” For those looking to invest in ADA for the long term, the crypto analyst highlighted the $0.40 and $0.45 price range as a good “buy zone.” That’s also the price range Santana had previously predicted Cardano could backtrack in his bid to find support.
At the time of writing, Cardano is trading around $0.45, down almost 2% in the last 24 hours. facts 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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