Cardano’s potential for growth in the midst of market volatility is being analyzed by market analyst Trend Rider. The analyst points out that geopolitical tensions and the upcoming Bitcoin halving are the main drivers of Cardano’s significant volatility. Despite this, Cardano’s trajectory has shown a steady rise, attracting the attention of both market analysts and investors.
Trend Rider, a recognized cryptocurrency analyst, recently highlighted ADA’s potential for a significant increase in value. Comparing it to its performance in October 2020, when ADA fell to $0.10 and then reached a peak of $3, Trend Rider suggests that a similar bullish run could be on the horizon.
According to Trend Rider, ADA is currently approaching a crucial support test, similar to what happened before its previous significant rise. The latest RSI analysis indicates a pivotal moment for Cardano as it faces this crucial support test. Historical data shows that RSI crossovers have reliably signaled the start of bull and bear markets for ADA. The RSI is once again interacting with its moving average, which has previously led to significant price movements.
Trend Rider’s weekly analysis of ADA reveals a critical juncture, with a “sweet spot for longs” found between $0.45 and $0.50. This range is deemed crucial for sustaining the uptrend. If ADA can hold this zone, it could trigger the next bull run phase, with the critical level of $1.00 in sight. On the other hand, a break below this range could quickly bring the price down to $0.25, another critical level that could come into play.
Trend Rider also elaborated on the community’s reaction to the recent price dip, noting that while fear has crept into the community, the underlying support levels remain strong. This sets the stage for a potential bullish breakout if ADA can sustain these levels. This scenario highlights the cyclical nature of cryptocurrencies, where historical patterns and technical indicators often guide future performances.
In the last 24 hours, ADA has demonstrated notable volatility, reaching a peak of $0.4722 and finding support at around $0.45. It later settled near $0.46, showing a rebound from intraday lows. The market sentiment is cautiously optimistic as ADA tests resistance levels.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.