Crypto analyst Trend Rider has made a bold prediction for Cardano (ADA), suggesting that the crypto token could experience a significant price rally and reach $3. According to Trend Rider’s analysis, Cardano may be on the verge of an “ultimate support test” before making a parabolic move to the upside. This scenario is based on history repeating itself, as Cardano previously dipped to $0.10 in October 2020 and then skyrocketed to $3.
Trend Rider also pointed out that Cardano’s current bullish Relative Strength Index (RSI) crossover and retest indicate that the crypto token may be gearing up for another parabolic move. This RSI crossover is seen as an indicator that “perfectly predicts bull and bear markets for ADA.”
However, the analyst emphasized that Cardano’s next move will depend entirely on Bitcoin’s performance. If Bitcoin rises above $65,000 after its current price dip, altcoins like Cardano could experience a “monstrous bounce.” On the other hand, if Bitcoin’s price continues to dip, it could signify a bear market for Cardano as well.
Another crypto analyst, Alan Santana, offered some optimism for Cardano holders, noting that the crypto token won’t be in the red forever. Despite Cardano’s bearish outlook in recent weeks, Santana remains bullish on its future trajectory. He predicts that Cardano will see a “big green” in the latter part of 2024 and most of 2025. Santana also identified the price range of $0.40 to $0.45 as a good “buy zone” for those looking to accumulate ADA for the long term.
At the time of writing, Cardano is trading at around $0.45, down almost 2% in the last 24 hours. Please note that this information is provided for educational purposes only and should not be viewed as financial advice. As with any investment, it’s essential to conduct your own research and consider the associated risks before making any decisions.