Crypto analyst Trend Rider has caught the attention of Cardano (ADA) holders with a bold prediction regarding the cryptocurrency’s potential for a significant price rally. According to Trend Rider’s analysis, Cardano could surge to as high as $3 in the near future. This forecast is based on historical patterns and technical indicators, suggesting a bullish trajectory for ADA. 

Moreover, in the last 24 hours, ADA has had a bullish rally, with the price swaying between an intra-day high and low of $0.4732 and $0.4257, respectively. At press time, ADA was exchanging hands at $0.4723, a 5.86%surge from the intra-day low. 

ADA/USD 24-hour price chart (source: CoinMarketCap)

Trend Rider highlighted the concept of an “ultimate support test” for Cardano, implying that the cryptocurrency is nearing a critical point where it could experience a substantial upward movement. Drawing parallels to past price movements, particularly in October 2020 when Cardano’s price skyrocketed from $0.10 to $3, Trend Rider suggests that similar conditions could be emerging once again.

One key indicator mentioned by Trend Rider is Cardano’s bullish Relative Strength Index (RSI) crossover and retest, signaling the potential for another parabolic move. This technical analysis, coupled with historical data, forms the basis of Trend Rider’s optimistic outlook for Cardano’s price performance in the coming period.

Cardano’s Support Levels and Potential Price Trajectory

In a series of analyses, both Trend Rider and crypto analyst Alan Santana delve into Cardano’s current support levels and future price prospects. Santana acknowledges the bearish trend that Cardano has experienced over recent weeks but remains bullish on its long-term trajectory.

According to the analyst, Cardano’s ability to maintain its current support level is crucial for determining its future price direction. Should ADA hold above this support zone, the analyst predicts a potential rise to $1, indicating an optimistic outlook for the cryptocurrency’s value. However, failure to maintain support could lead to a rapid decline, with Santana suggesting a possible drop to $0.25 in such a scenario.

The analyst assessment provides a nuanced perspective on Cardano’s price dynamics, highlighting the importance of market support levels in determining short-term fluctuations. Despite the current bearish sentiment, the analyst remains optimistic about Cardano’s prospects, foreseeing a potential turnaround in the latter part of 2024 and into 2025.

Analyst Forecasts 75% Surge in ADA Price

Amidst broader market turbulence, prominent analyst Ali Martinez offers an optimistic forecast for Cardano’s price, predicting a surge of up to 75% based on technical chart analysis and historical trends. Martinez’s analysis suggests a potential rebound in ADA’s price, fueled by favorable market conditions and growing investor confidence.

Martinez highlights Cardano’s MVRV Ratio, noting a correlation between its dip below -22% and previous price surges. With the MVRV Ratio currently indicating a similar pattern, Martinez suggests the possibility of another significant increase in ADA’s value, generating excitement and speculation among traders.

This bullish forecast from Martinez underscores the resilience of Cardano amidst market fluctuations, providing investors with a positive outlook for the cryptocurrency’s future performance. As market sentiment improves and ADA’s price reflects growing momentum, attention shifts towards the potential for further upside in Cardano’s price trajectory.