Cardano Price Can Clinch $1 As It Eyes Bounce From New Support Zone
Highlights
- Cardano's hope to clinch $1 have received significant steam.
- The asset has fallen from a previous support zone amid a broader market decline.
- Cardano is facing a raft of downward pressure but a correction could be in the offing.
While predictions for Cardano to reach $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. The Cardano price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.
Cardano Price Can Still Clinch $1 Despite Price Slump
Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.
ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.
For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.
“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”
While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.
A Slew Of Positives For ADA
Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.
Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin’s decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.
While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.
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