Trend Rider’s Prediction: Cardano Heads Toward $3 Top!

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Cardano (ADA) is experiencing significant volatility, in line with the general trend in the market. However, despite these fluctuations, Cardano’s performance attracts the attention of market analysts and investors.

Recently, Trend Rider, a well-known cryptocurrency analyst, pointed out a significant upside potential for ADA. Specifically, its performance in October 2020 remindingHe suggested that an uptrend could re-occur, as ADA dropped to $0.10 during that period and then reached a peak of $3. Trend Rider made an assessment of the situation by saying, “ADA seems to be at a point where the ultimate support level is currently being tested, as it was during the previous big uptrend.” This comment is interpreted as meaning that ADA may enter a potential uptrend, which could be an important turning point in the cryptocurrency market.

The latest RSI analysis for Cardano indicates that we are facing an important support test. Historical data shows that RSI crossovers reliably signal the beginning of bull and bear markets for ADA.

Trend Rider’s weekly ADA analysis considers it a critical juncture as it finds a “suitable point for long positions” between $0.45 and $0.50, which is considered crucial to sustain the uptrend. If ADA manages to hold this zone, all eyes will be on the critical $1.00 level where the next bull run phase could be triggered. Conversely, a breakout to the downside could quickly fill the gap to $0.25; This is a critical level that can come into play. Therefore, it is critical to watch how Cardano reacts to these mentioned levels in the coming period.

Trend Rider evaluated the recent decline in the altcoin price as follows:

“While fear has certainly permeated the community, underlying support levels are stronger than ever, setting the stage for a potential uptrend.”

During this uncertain time, investors can often feel anxious. However, it is important to understand the dynamics behind this decline and look at it from a broad perspective. Cardano’s strong fundamentals and technological innovations can have a decisive impact on its price. If ADA maintains its current support levels, it will prove its resilience as it has in the past. This could be a great opportunity for patient investors. As we have seen in the past, crypto assets like Cardano are often guided by certain patterns and technical indicators. Therefore, a rally that may follow the current decline may appear as a result of this cyclical nature.

You can follow the current price movement here.

Source : the crypto basic


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