The Cardano (ADA) community has been alerted by cryptocurrency analyst Ali Martinez to an important signal that may be favorable for the price of Cardano. His analysis suggests that there could be a rally for the cryptocurrency token, taking it beyond $1.
Cardano Could See A 75% Price Rally Soon
Martinez stated that Cardano might see "another impressive rebound" with its Market Value to Realized Value (MVRV) falling below -22% in a post on X (previously Twitter). He had seen that the previous time the MVRV ratio fell below -22%, the price of ADA increased by more than 75%. Cardano can rise above $1 with a rally of more than 75% from its current price level.
Trend Rider, a cryptocurrency analyst, has suggested that Cardano would reach $1. In an X post, he stated that if the cryptocurrency token could hold its ground at the $0.44 support level, it may reach this price range in one to three months. He said in an earlier X post that if Cardano's price rises above $0.54, the bull run might resume.
It's interesting to note that Trend Rider has already estimated that, should history repeat itself, Cardano might reach a peak of $3. He made reference to October 2020, when Cardano's price dropped to $0.10 and then soared to $3. He said that as the cryptocurrency token is approaching its "ultimate support," this might occur once more.
It appears like Cardano's establishment of a support level is preventing the cryptocurrency token from seeing a parabolic price increase. This was also alluded to by cryptocurrency analyst Alan Santana, who stated that before the cryptocurrency token turns bullish once more, ADA might fall as low as $0.34 to build support.
Cardano Season Is Not Over Yet
ADA holders may have to wait a while as the analyst warned that Cardano's power move might not come until months later. Dan Gambardello, the founder of Crypto Capital Venture, mentioned that the price of Cardano is "frustrating" because it is not yet "Cardano Season." He is confident that the crypto token will have its season soon enough and will "really do well."
Amid concerns that an Israeli-Iranian conflict may break out, Gambardello stated that Cardano might drop into the "lower 30s" in the interim. However, the analyst did provide some hope, speculating that after this phase of panic passes, ADA and other cryptocurrency tokens may "bounce like crazy."
April 2024, Cryptoniteuae