Cardano expected to break through $3, analysts predict

Market analyst Trend Rider analyzes Cardano’s (ADA) growth potential amid market volatility and highlights key support levels and historical patterns.

Cardano (ADA) is experiencing significant volatility, driven primarily by geopolitical tensions and the upcoming Bitcoin fork.

Nonetheless, Cardano’s trajectory has consistently shown a steady but slow rise, catching the attention of market analysts and investors.

Recognized cryptocurrency analyst Trend Rider recently drew attention to a potential major upside for ADA. He compared it to its performance in October 2020, when ADA dropped to $0.10 before climbing to a peak of $3. Trend Rider said a similar bullish run could be imminent.

“ADA appears to be on the verge of a final support test, just like it has been before its previous huge rallies,” he noted.

The latest RSI analysis shows that for Cardano, it is facing a crucial support test moment. Historical data shows that RSI crossovers reliably mark the start of bull and bear markets for ADA. The RSI is once again interacting with its moving average, which has previously followed major price moves.

Trend Rider’s weekly analysis of ADA shows that it is in a “sweet spot for bulls” between $0.45 and $0.50, which is considered crucial to sustaining the uptrend. If ADA can hold this area, the next bull run could be triggered with an eye on the important $1.00 level. Conversely, a break below could quickly fill the gap to $0.25, a critical level that could come into play.

Trend Rider elaborated on the market dynamics and community reaction, stating: “While fear has certainly crept into the community, underlying support levels are stronger than ever, paving the way for a potential bullish breakout.”

Furthermore, if ADA can sustain these levels, it could spark a rally that responds to its past resilience and rewards its patient investors. The situation highlights the cyclical nature of cryptocurrencies, where historical patterns and technical indicators often guide future performance.

Cardano’s ADA has shown significant volatility over the past 24 hours, with the price peaking at $0.4722 and support levels around $0.45. ADA later stabilized around $0.46, demonstrating a rebound from the intraday low. The market sentiment is cautiously optimistic as ADA is testing resistance levels.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may reflect the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers should conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.