As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to read between the lines when it comes to market analysis. When I see two respected analysts like Trend Rider and Jesse Olson both expressing bullish sentiments for Cardano (ADA), it catches my attention.
Despite many other cryptocurrencies benefiting from the Fed’s rate cut of 0.50%, Cardano (ADA) has struggled to capitalize on the resulting bullish trend that emerged this week.
Over the last week, significant cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have experienced growth surpassing 5%. However, Cardano’s ADA is trading at $0.3517, indicating a 2% drop in value over the past seven days.
Buy Signals For Cardano
Regardless of temporary hurdles, analysts continue to be hopeful about Cardano’s long-term price movement. Notably, Trend Rider, a technical analyst, has pointed out an important change on the ADA weekly chart: the ADA Oscillator Wave has switched green for the first time in 46 weeks.
According to this signal, there might be a possible shift towards an upward trend, leading Trend Rider to consider buying Cardano (ADA) at its present rate. He has noticed a significant level of support slightly lower than the current price, around $0.3150.
In the future, Trend Rider anticipates that ADA may challenge a resistance point at around $0.400, marking a 13% rise from its current market value. If this happens, it could trigger additional bullish movement, possibly propelling Cardano towards more significant resistance levels of $0.460 and $0.480 in the long term.
Analyst Jesse Olson shares a positive perspective on Cardano, predicting a potential buying opportunity as the token shows signs of forming a higher low on its daily graph, indicating a possible bullish trend.
According to Olson’s analysis, potential price milestones could be attained if the buy signal becomes valid. He anticipates that ADA might initially climb towards the $0.45 area, then progressively aim for $0.55 and $0.62, potentially even exceeding $0.65 in the long term, with an ultimate objective of reaching approximately $0.65 by year’s end.
Supports To Watch For ADA
In the face of optimistic forecasts about the Cardano token by various analysts, it’s crucial that important price levels are maintained to prevent any possible corrections in the near future. At present, a significant support level can be found at $0.3445, which has been instrumental in keeping the token steady over the last week, and is vital for sustaining potential growth in the days ahead.
If the $0.3445 level gives way, it’s important to keep an eye on the $0.3296 area as a potential new target for ADA. Dropping to this price would suggest a decrease in bullish confidence and may lead to increased selling activity.
If the bears persist in their strength, the situation might deteriorate further. The key support level to keep an eye on lies at $0.3150, which represents a drop of approximately 10% from present prices. This level is significant because it has historically served as robust resistance for ADA. If this level is breached, it could suggest a prolonged period of downtrend.
As an analyst, I’d like to draw your attention to another crucial level of support at $0.3035. This significant threshold prevented ADA from plummeting below $0.300 during the market downturn that started on August 24. In fact, the price hit a one-month low during this period, underscoring the importance of this level as a support for ADA’s price stability.
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2024-09-21 03:40