Bitcoin

Crypto Analyst Says Cardano Recovery Is Over And It’s Time To Moon, Reveals Targets

2 Mins read

As the price of Bitcoin has recovered, expectations for altcoins such as Cardano have been on the rise. This has led to bullish predictions for the ADA price, especially as one crypto analyst, Alan Santana, foresees a significant surge in the price of the altcoin. According to Santana, the days of struggles are over and it is time for ADA to begin its anticipated move upward.

The Time For Cardano Recovery Is Over

In a recent analysis, crypto analyst Alan Santana stressed that the time for recovery for the Cardano price is over. The analyst is seemingly pointing to the slow recovery that took place over the year after the price crashed alongside Bitcoin and fell below $0.3.

Santana pointed out the fact that the market has been rising and has not made any new lows since November 202, which shows “maximum bullish strength” after the final correction. However, the likes of Cardano failed to follow this same bullish trend.

The analyst pointed out that there was a double top in December 2023, which also ended up at around the same level that the price was trading back in May/June 2022. “The recovery year is over, this is the important part,” the crypto analyst declared.

Price Targets For ADA Price Going Forward

In the charts shared by the crypto analyst, multiple price targets are outlined for the Cardano price going forward. Santana’s forecast points out a likely decline in price down below $0.4, reaching as low as $0.38 before the price begins to rally.

Once a bounce occurs from this downtrend, the crypto analyst foresees a quick rally upward. The first of these rallies sees the altcoin’s price reaching as high as $0.68, an over 20% increase from the current level. Then, moving upward, the second target is placed at $1.2, which is an almost 200% move from the current levels.

However, the crypto analyst leaves a warning with the analysis as they tell investors to be careful. “Cardano can produce a new bullish wave in the future and hit as high as the other pairs did last year but when this happens if this happens it will only happen when the Cryptocurrency market enters its next bullish phase,” Alan Santana explained.” What I am trying to say is that the initial rally is over, the recovery year is over and this is just what ADA did, nothing more, while other pairs were stronger and still others weaker.”

The ADA price is currently experiencing a bullish wave, following closely in the steps of Bitcoin, which just cleared $44,000 once again. It is currently trading at $0.52 after rising 10% in the last 24 hours.

Cardano price chart from Tradingview.com (ADA crypto analyst)

ADA price at $0.52 | Source: ADAUSD On Tradingview.com

Featured image from Guarda Wallet, chart from Tradingview.com


Source link

Related posts
Bitcoin

Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?

2 Mins read
Bitcoin price rallied further above $62,000. BTC is now consolidating gains and might soon attempt another upward move toward the $64,000 resistance….
Bitcoin

Bitcoin Price Could Hit $250,000 ‘Sooner’ Than Expected, Says Bitwise CEO

1 Mins read
The chief executive of Bitwise Asset Management expects the price of bitcoin to hit $250,000 sooner than most people would imagine. Moreover,…
Bitcoin

Red-Hot Polygon MATIC Smashes Through $1: Eyes $1.20 As DeFi Mania Fuels Relentless Rally

2 Mins read
Polygon’s native MATIC token has caught fire in 2024, more than doubling year-to-date already by blazing past the significant $1 price level…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *