Crypto analyst Ali Martinez has drawn the Cardano (ADA) community’s attention to a crucial indicator that could be bullish for Cardano’s price. Based on his analysis, the crypto token could experience a rally that would cause it to rise to as high as $1.
Cardano Could Soon Experience A 75% Price Rally
Martinez mentioned in an X (formerly Twitter) post that Cardano could see “another impressive rebound” with its Market Value to Realized Value (MVRV) dipping below -22%. He had noted that ADA’s price rose by over 75% the last time the MVRV ratio dipped below -22%. From Cardano’s current price level, a rally of over 75% will take it above the $1 price mark.
Crypto analyst Trend Rider also recently raised the possibility of Cardano rising to $1. He mentioned in an X post that the crypto token could rise to this price level in 1 to 3 months if it could defend the support level at $0.44. In a previous X post, he also mentioned that Cardano’s bull run could be back on if its price gets back above $0.54.
Interestingly, Trend Rider has previously predicted that Cardano could rise to as high as $3 if history were to repeat itself. He alluded to October 2020, when Cardano’s price dipped to as low as $0.10 and skyrocketed to $3 afterward. He suggested this could happen again as the crypto token is on the brink of its “ultimate support test.”
Total crypto market cap currently at $2.261 trillion. Chart: TradingView
Cardano establishing a support level looks to be what is holding back the crypto token from making that parabolic price surge. Crypto analyst Alan Santana also hinted at this when he mentioned that ADA could drop to as low as $0.34 to establish support before the crypto token becomes bullish again.
Not Yet Cardano Season
Dan Gambardello, the founder of Crypto Capital Venture, mentioned that Cardano’s price 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.” However, ADA holders might have to wait a while, as the analyst warned that Cardano’s power move might not be until months later.
In the meantime, Gambardello revealed that Cardano could fall into the “lower 30s,” with crypto prices still dipping amid fears of a war breaking out between Israel and Iran. The analyst also offered some optimism, though, as he predicted that ADA, alongside other crypto tokens, could “bounce like crazy” once this period of fear is over.
At the time of writing, Cardano is trading at around $0.49, up over 9% in the last 24 hours according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView
Powered by WPeMatico
