As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market crashes and subsequent recoveries. The current state of Cardano (ADA) might seem disheartening to some, but as a long-term investor, I see this as an opportunity rather than a red flag.
Despite a drop in value due to the Bitcoin-induced crash in the cryptocurrency market, some investors view this as a chance to purchase Cardano (ADA) at a lower cost. Analyst Alan Santana, for instance, predicts that the price of ADA will rise, even with the recent decline.
The State Of Cardano
Financial expert Alan Santana recently shared his reasoning for considering Cardano’s cryptocurrency as a worthwhile investment at its current price point, based on his analysis posted on TradingView. Santana advises that when it comes to altcoins like Cardano, a strategic long-term approach is more beneficial than short-term gains.
The expert noted that the price of Cardano is experiencing a significant drop at the moment. But don’t worry, this downturn isn’t exclusive to Cardano; instead, it’s impacting the entire cryptocurrency market as a whole.
As a crypto investor, I find myself drawn towards Santana’s insightful observations about Cardano. Rather than dwelling on market downturns, it seems wiser to focus on the promising future ahead for this project. For instance, the present moment presents an opportune time to start amassing AD coins, a decision that aligns well with the supportive Fibonacci indicator.
At present, the ADA price has failed to hold its Fibonacci retracement level at 0.786, indicating a potentially bearish trend in the near future. This decline could push the altcoin’s price towards its long-term support of $0.25, which was last seen in January and October 2023. However, this dip might offer a good opportunity for investors seeking long-term returns, as suggested by analysts.
Can ADA Return To Its ATH?
Given the recent drop in Cardano’s price to around $0.29, it has fallen nearly 91% from its peak in September 2021 at $3.1. This implies that for Cardano to hit another all-time high, it would need to increase tenfold. However, if one anticipates further growth potential, the current situation might present a rare chance to invest.
According to crypto analyst Alan Santana, it’s anticipated that the price of ADA will hit a low and then rebound from around $0.25. The peak of his projection sits just above $0.65, which represents a potential 150% jump in price compared to the previous support level of $0.25.
Another crypto analyst, Captain Fabik, agrees with Santana’s positive outlook for Cardano. He predicts that the price of this altcoin may increase as well. Captain Fabik has highlighted a Falling Wedge Breakout on the chart, which suggests a potential 70% surge in the digital asset.
Despite what Crypto Bullet, another crypto analyst, predicts, they think that Cardano’s (ADA) price may trail behind during this bull market. Although they acknowledge the potential for an increase in value, they are not convinced that ADA will set a new record high in this particular cycle.
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2024-08-07 17:11