Cryptocurrency analyst Trend Rider has recently highlighted the potential for Cardano (ADA) to undergo a substantial price rally in the near future. According to Trend Rider’s analysis, there is a possibility for Cardano to reach as high as $3 once this rally occurs. The analyst pointed out that if history repeats itself, Cardano may be approaching its “ultimate support test” before making a parabolic move to the upside. In October 2020, a similar scenario unfolded when Cardano’s price dropped to $0.10 and then surged to $3 shortly afterwards.
Trend Rider also mentioned that Cardano is currently experiencing a bullish Relative Strength Index (RSI) crossover and retest, indicating a potential for another parabolic move. The RSI crossover is seen as a significant indicator that can accurately predict bull and bear markets for ADA. This signal suggests that Cardano might be gearing up for a significant uptrend in the near future.
Furthermore, Trend Rider emphasized that Cardano’s future trajectory will heavily depend on Bitcoin’s performance. He anticipates that if Bitcoin’s price surpasses $65,000 after its current dip, altcoins like Cardano could experience a substantial rebound. However, if Bitcoin continues to decline, it could signal a bear market mode for cryptocurrencies.
Crypto analyst Alan Santana also shared a positive outlook for ADA holders, mentioning that Cardano won’t remain in the red forever. Despite Cardano being in a bearish trend for the past seven weeks, Santana remains optimistic about its future. He predicts that Cardano could see a significant uptrend in the latter part of 2024 and throughout 2025. Santana advised that the current period could be an excellent opportunity for accumulation for those looking to benefit from the bullish wave.
For long-term investors interested in ADA, Santana identified the price range of $0.40 to $0.45 as a favorable buy zone. This range aligns with Santana’s previous prediction of where Cardano could potentially find support. At the time of writing, Cardano is trading around $0.45, reflecting a slight decrease of almost 2% in the last 24 hours. Investors are urged to conduct their research and due diligence before making any investment decisions, as investing in cryptocurrencies carries inherent risks.
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Cardano (ADA) has shown promising potential for a significant price rally, as highlighted by crypto analysts Trend Rider and Alan Santana. The current market conditions, combined with technical indicators such as RSI, suggest that Cardano could be on the verge of a notable uptrend. However, investors should remain cautious and conduct thorough research before making any investment decisions in the volatile cryptocurrency market.
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