Cardano Ready to Rally to $3, Projecting a Parabolic Surge

According to Crypto analyst Trend Rider, Cardano (ADA) might be on the verge of its "ultimate support test" before it makes a parabolic move to the upside, potentially reaching as high as $3. This is based on the theory that if history repeats itself, as it did in October 2020 when Cardano's price skyrocketed from $0.10 to $3 after dipping to $0.10, a similar rally could occur now. The analyst also notes a bullish Relative Strength Index (RSI) crossover and retest, which could indicate a potential for another parabolic move. Additionally, Cardano's performance depends heavily on Bitcoin's movements, with a Bitcoin price rise above $65,000 predicted to lead to a "monstrous bounce" for altcoins like Cardano.

Cardano Poised for Potential Surge, Projecting a Rally to $3

Renowned crypto analyst Trend Rider has brought to light Cardano's (ADA) promising potential for an imminent and significant price increase, potentially reaching as high as $3.

Echoes of History: Cardano's Potential Parabolic Ascent

Trend Rider's analysis draws parallels to Cardano's historical behavior, suggesting an impending "ultimate support test" before an upward parabolic movement. He highlights a potential trajectory similar to that witnessed in October 2020, when ADA's price plummeted to $0.10 before soaring to an impressive $3.

Bullish Indicators Point to Potential Upswing

Supporting his projection, Trend Rider notes the presence of a bullish Relative Strength Index (RSI) crossover and retest, which historically serves as a reliable indicator of bull and bear market movements for ADA. This crossover signifies the cryptocurrency's potential readiness for another parabolic move.

Significance of Support Level Maintenance

Trend Rider emphasizes the crucial role played by Cardano's current support level. He cautions that failure to maintain this level could lead to a rapid decline to $0.25. However, sustained support above this level could pave the way for ADA's ascent to $1.

Interdependence with Bitcoin's Trajectory

Trend Rider acknowledges the impact of Bitcoin's movements on Cardano's performance. He anticipates a "monstrous bounce" in altcoins like Cardano if Bitcoin surpasses $65,000 following its recent price dip. Conversely, continued declines in Bitcoin's price would indicate a "bear market mode."

Optimism Amidst Bearish Outlook

Despite Cardano's current bearish trend, spanning seven consecutive weeks in the red, crypto analyst Alan Santana maintains a positive outlook. He predicts a substantial "big green" surge in the "latter part of 2024 and most of 2025."

Accumulation Opportunity and Buy Zone

Santana encourages investors to seize the opportunity to accumulate ADA during this period, anticipating a turnaround in its fortunes. He identifies the price range between $0.40 and $0.45 as a favorable "buy zone," aligning with his previous projections for ADA's potential support levels.

As of the time of writing, Cardano is trading around $0.45, facing a price decline of nearly 2% in the past 24 hours, according to CoinMarketCap data.

Disclaimer:

This article is intended for educational purposes only and does not constitute investment advice. Investing carries inherent risks, and readers are strongly advised to conduct thorough research before making any financial decisions. The information presented in this article should not be relied upon as a sole basis for investment decisions.