- Trend Rider, a market analyst, highlights ADA’s potential, drawing parallels with its 2020 performance from $0.10 to $3.00.
- ADA’s current Relative Strength Index suggests it is approaching a pivotal support test, indicating possible upward momentum.
Cardano (ADA), a cryptocurrency, is currently a period marked by global uncertainties and upcoming market events such as the Bitcoin halving. Market analyst Trend Rider has identified a potential growth scenario for ADA based on its recent performance and historical data.
🚨 Attention $ADA Holders!
If history repeats itself, we might be on the cusp of $ADA's ultimate support test before skyrocketing.
Recall October 2020? The price dipped to $0.10 before soaring to $3.
With a bullish RSI crossover and retest, are we gearing up for another… pic.twitter.com/by2s3Gq71O
— Trend Rider (@TrendRidersTR) April 16, 2024
According to Trend Rider, Cardano is approaching a critical support level that previously set the stage for substantial price increases. In 2020, ADA experienced a rise, climbing from $0.10 to $3.00. Trend Rider suggests that similar conditions are forming that could potentially lead to another significant rise in ADA’s price.
Technical analysis using the Relative Strength Index (RSI) indicates that ADA is at a crucial point. Past interactions of the RSI with its moving average have typically preceded major price movements for ADA. Currently, the RSI suggests a potential upward trend could be forming.
The analysis further suggests a key buying range for ADA is between $0.45 and $0.50. Holding this range is essential for maintaining the momentum needed for a potential bull run.
If ADA remains above this range, it could target a rise to the $1.00 level. Conversely, falling below this range could lead to a drop to $0.25, a significant support level.
In the last 24 hours, Cardano’s ADA has exhibited fluctuations, peaking at $0.4722 and finding support at approximately $0.45. It later stabilized around $0.46, demonstrating resilience from earlier lows.
Market sentiment remains cautiously optimistic as ADA challenges resistance levels, reflecting the community’s response to Cardano’s recent market activities and its potential for future gains.
