Cardano Price Set To Skyrocket By 430%, Crypto Analyst Predicts
25 Outubro 2024 - 8:30PM
NEWSBTC
In an analysis published on TradingView, pseudonymous crypto
analyst Melika Trader has provided a technical forecast for Cardano
(ADA), highlighting a long-term upside scenario with a price target
of $1.8. Using chart patterns and key price levels, Melika offers
both short and long-term perspectives on ADA’s price movement.
Long-Term Cardano Price Outlook Melika identifies a significant
support zone for ADA between $0.30 and $0.35. This range has
historically shown strong buying interest, characterized by an
engulfing candle pattern and previously established supply and
demand (S&D) zones. This base formation suggests a robust floor
where Cardano has consistently garnered market support. The analyst
points out the potential for a bullish reversal, noting that ADA’s
price action appears to be forming a bottom within this support
zone. “The price seems to form a bottom after engulfing the support
region, hinting at a potential bullish reversal,” Melika states.
Looking ahead, Melika sets a long-term resistance target between
$1.20 and $1.80. This target area is not arbitrary but is based on
previous price peaks, making it a significant hurdle for future
price action. Should ADA maintain its support base, the path to
these higher resistance levels may be realized as buyer confidence
rejuvenates, setting the stage for a potential bull run. Related
Reading: Cardano’s Pullback Short-Lived, Fresh Rally Underway For
ADA? “The next major resistance is in the $1.20-$1.80 zone, marked
as a long-term target, which aligns with previous highs. If the
current support holds, ADA could be positioned for a sustained
rally toward the long-term target, especially as buyers regain
confidence,” Melika writes. However, she also cautions investors
about a bearish scenario where ADA fails to maintain the $0.30
support level. A breach below this threshold could lead to a
decline to levels below $0.18, presenting a substantial risk for
holders. “A failure to hold support around $0.30 could see the
price retesting to below $0.18,” Melika warns. Related Reading:
Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54?
ADA Price Analysis: Short-Term Outlook In the immediate term, ADA
is navigating a strong support zone identified between $0.33 and
$0.34, aligned with a lower trendline that underscores its
importance. “A bounce from this support zone could see ADA
targeting the resistance zone at $0.38 – $0.39. The engulfed area
suggests a possible reversal signal,” the crypto analyst claims.
This resistance zone at $0.39 represents a critical point where
previous sellers have previously dominated, making it a pivotal
area for ADA’s short-term price action. A successful breach of this
resistance could validate the bullish rebound scenario. “The $0.39
zone is a significant resistance where sellers previously
controlled the market, making it a critical area to watch for any
breakout,” Melika states. Conversely, if ADA fails to sustain its
current support, the price could retreat towards the broader
long-term support at $0.30, underpinning the downside risks
highlighted by Melika. At press time, ADA traded at $0.3437.
Featured image from Shutterstock, chart from TradingView.com
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