However, a popular analyst on the social media platform X has identified a pattern that suggests that the Cardano price could be at a bottom, potentially seeing a rebound to a new high over the coming months. This optimistic outlook projects the altcoin’s value growing up to 200% in a single move from its current point.
Why The $0.24 Support Could Trigger A 200% Move For ADAMartinez identified the $0.249 level as a formidable support, leading to the formation of multiple bottoms and rebounds for the Cardano price in the past. As shown in the chart below, the price of ADA fell to this exact support earlier in March before returning to the price level again in April.
Besides the apparent strength of this level, the $0.249 support has been the starting point of significant price rallies, with the most recent being 200% price surge. The Cardano price, after dropping to this demand zone around September 2023, soared by more than 200% to around $0.8 in the first quarter of 2024.
Similarly, the Cardano price witnessed a rally of over 85% in early 2023 after falling to this support at $0.249. If history is anything to go by, the price action indicators are pointing to a potential rally between 80% – 200% for the ADA token over the coming month. `
In any case, investors need to watch out for the $0.249 support’s continued formidability, as a sustained breach below it could be potentially detrimental to the altcoin’s upward trajectory.
Cardano Price OverviewHowever, broadly speaking, the Cardano price performance has been muted relative to the rest of the cryptocurrency market over the past week. While Ethereum and XRP climbed nearly 10% on the weekly timeframe, the ADA token is barely up by 3% in the last seven days.
Even while the general crypto market appears to have steadied in recent weeks, the Cardano price still seems to be struggling, with CoinGecko data showing that the altcoin is still down by more than 4% in the past month.
