Cardano ‘s ADA has underperformed over the past few weeks, coinciding with the broader crypto market pullback. Its price is currently hovering around $0.45 (according to data from CoinGecko) and represents a 22% drop on a weekly scale and a 25% drop in a month.
However, Trend River chart analyst is of the opinion that ADA may experience a significant rally in the coming months if it reflects its past performance:
If history repeats itself, we could be on the cusp of a final test of support for ADA before breaking out. Do you remember October 2020? The price dropped to $0.10 before rising to $3.
NEWS CONTINUES BELOW
The analyst also claimed that fear levels for Cardano’s native token have “peaked,” indicating that major support zones are being tested.
“If it manages to hold, we could now be right at the bottom before moving to $1,” Trend River predicted.
Who Else Is Expecting an Uptrend?
As Koinfinans.com reported, earlier this month, analyst Ali Martinez presented a chart where ADA’s valuation was “exactly where it should be.” Martinez thinks the token is poised to reach $1.70 as long as it stays within the $0.55-$0.80 range. Previously, the analyst predicted a “parabolic” bounce for ADA, reaching an all-time high of $10.
