Cardano’s price chart reveals a potential trajectory to $3.75, but there are caveats. Technical analysis by Crypto Chrys highlights both bullish and bearish scenarios for ADA.
The crypto’s current price hovers around 38 cents, showing resilience despite a downward trend since April 2024.
What you'll learn 👉
Historical Patterns and Future Projections
Crypto Chrys draws parallels between Cardano’s 2024 market behavior and its 2019 performance. In 2019, ADA experienced a low-to-high move followed by a retracement and secondary high over 29 weeks. A similar pattern emerged in 2023, but over a shorter 26-week period.
If history repeats, Cardano could rally by year-end. However, the analyst cautions that ADA might revisit the 25-cent support level first. In extreme scenarios, ADA’s price could dip as low as 19 cents.
Macroeconomics and Market Dynamics
Potential interest rate decreases in the United States could have an impact on Cardano’s pricing. Crypto Chrys suggests such cuts might decrease Bitcoin’s market dominance, potentially benefiting altcoins like ADA. This shift could trigger a rally in Cardano’s price.
The Cardano/Bitcoin pair analysis indicates a possible bottom around December 2024. Historical patterns suggest a strong bullish move could follow this low point.
A major caveat in Cardano’s bullish outlook is its current low trading volume. With Cardano’s trading volume lagging behind previous cycles, the likelihood of reaching the predicted $3.75 remains uncertain.
As Crypto Chrys notes, “We haven’t broken 1 billion ADA of trading volume yet…if there’s no trading volume, if there’s nobody using it, maybe that’s a good thing.”
Despite these concerns, the analysis does not rule out the possibility of a substantial rally. If Cardano follows its historical patterns of strong recoveries after prolonged downturns.
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Price Predictions and Key Levels
In a bullish scenario, Cardano could reach $3.75 if it achieves a 15x rally from a predicted bottom around 25 cents. However, this projection depends heavily on increased trading volume and broader market interest.
Key support levels include 28 cents (recently tested), 25 cents (a strong historical support), and 19 cents in highly volatile conditions. The analyst suggests gradual accumulation at current levels for long-term investors.
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