Crypto analyst Trend Rider predicts Cardano (ADA) could rally significantly, potentially reaching $3 if historical patterns repeat. Rider's analysis suggests Cardano is at a critical support test, and a bullish Relative Strength Index (RSI) crossover indicates a potential parabolic move. However, Cardano's next move is heavily dependent on Bitcoin's price action, with a potential "monstrous bounce" for altcoins if Bitcoin surpasses $65,000. Despite Cardano's recent bearish trend, analyst Alan Santana remains optimistic, predicting a "big green" in 2024 and 2025, with a recommended "buy zone" of $0.40 to $0.45 for long-term investors.
Cardano: A Parabolic Ascent on the Horizon, Analysts Optimistic
In a captivating analysis, renowned crypto analyst Trend Rider has ignited excitement among Cardano (ADA) holders, foretelling a potential surge in the token's value. Based on historical patterns, Trend Rider believes ADA could witness an extraordinary rally, reaching heights of $3.
Drawing parallels with October 2020, when ADA plummeted to $0.10 before soaring to $3, Trend Rider asserts that history may repeat itself. The analyst meticulously points to Cardano's current bullish Relative Strength Index (RSI) crossover and retest as indicators of an imminent parabolic move. This RSI crossover, according to Trend Rider, "perfectly predicts bull and bear markets for ADA."
Trend Rider emphasizes the importance of Cardano maintaining its current support level, cautioning that a breakdown could result in a swift drop to $0.25. However, should ADA hold above this critical threshold, the analyst suggests that it could mark the precise bottom before a surge to $1.
The analyst further explains that Cardano's next move hinges on Bitcoin's trajectory. Should the flagship cryptocurrency surpass $65,000, altcoins like ADA could experience a "monstrous bounce." Conversely, if Bitcoin continues to decline, Trend Rider warns of a "bear market mode."
Echoing Trend Rider's optimism, crypto analyst Alan Santana dismisses any notion of Cardano remaining in the red indefinitely. Despite its seven-week bearish phase, Santana remains bullish on ADA's long-term future. He anticipates a "big green" in the "latter part of 2024 and most of 2025."
Santana suggests that the current period presents an ideal opportunity for accumulation, envisioning a "buy zone" within the price range of $0.40 and $0.45. This price area aligns with Santana's earlier prediction that ADA could find support at these levels.
At the time of writing, Cardano trades around $0.45, experiencing a modest decline of nearly 2% in the past 24 hours, according to data from CoinMarketCap. However, the analysts' bullish sentiments and historical parallels suggest that Cardano may be poised for an impressive ascent. As investors eagerly await the unfolding events, the cryptoverse remains abuzz with anticipation for ADA's potential parabolic move.
