Cardano’s price has been a feeble indicator of the positive momentum that has been brought to the cryptocurrency market over the past week. Despite most large-cap altcoins rising as macroeconomic pressures eased, the ADA token was barely able to deliver a sustained rally above the $0.26 level.
However, a popular analyst on social media platform X has identified a pattern that suggests Cardano’s price could bottom out and potentially rebound to a up-to-date high in the coming months. This hopeful outlook predicts that the altcoin’s value will escalate to 200% in one move from its current point.
Why $0.24 Support Could Spark a 200% Move for ADA
In an April 17 post on Platform X, market expert Ali Martinez common electrifying prospects for Cardano price, saying it has recently found support at familiar levels. According to the cryptocurrency analyst, this exact level of support has served as a springboard for significant increases in the price of ADA in recent years.
Martinez considered the $0.249 level to be a powerful support level that has led to multiple bottoms and rebounds in Cardano’s price in the past. As shown in the chart below, the price of ADA fell to exactly this support in early March, before returning to the price level in April.
In addition to the apparent strength of this level, the $0.249 support was the starting point for significant price increases, the most recent of which was 200%. After falling into this demand zone around September 2023, Cardano’s price increased by over 200% to around $0.8 in the first quarter of 2024.
Similarly, Cardano price has seen an escalate of over 85% in early 2023 after falling to the support at $0.249. If history is anything to go by, price action indicators point to a potential escalate for the ADA token in the coming month in the range of 80% – 200%. `
In any case, investors need to watch out for continued support strength at $0.249, as a sustained break below this support could potentially harm the altcoin’s upward trajectory.
Cardano Price Review
At the time of writing, ADA is trading around $0.2615, up over 2% in the last 24 hours. This one-day positive price change for Cardano reflects the easing of pressure on global financial markets after Iran reportedly reopened the Strait of Hormuz on Friday, April 17.
However, overall, Cardano prices have been weaker compared to the rest of the cryptocurrency market over the past week. While Ethereum and XRP are up almost 10% on a weekly basis, the ADA token is up just 3% over the last seven days.
Even though the overall cryptocurrency market appears to have stabilized in recent weeks, Cardano’s price still appears to be struggling, with CoinGecko data showing that the altcoin is still down more than 4% in the past month.
Featured image from iStock, chart from TradingView
