Surprise rebound for Cardano price
Until a few hours ago, experts were expecting a relapse in Cardano (ADA), but they seem to have changed their minds. Indeed, far from starting to decline again, the price of Cardano gained 7% this morning, now sitting at $0.80. A new rally is being prepared but how far will it go?
First of all, it is important to know where the phenomenon comes from. According to Ali Martinez, crypto whales are eminently responsible for this because they have increased their investments this month. Holders of more than $10 million even increased their positions by 145.72%!
For the future, it is the resistance of $0.80 that we must observe. A break above this zone could allow the price of Cardano to rise to $0.90 in the days to come. The dollar has therefore never seemed so close, although it remains a difficult target to achieve.
On the other hand, in the event of rejection, a decline between $0.70 and $0.65 is envisaged. Investors who want to follow the whales will therefore do well to take advantage of this buying opportunity.
New objectives in sight
If we are to believe the experts, the bearish scenario is not the most suspected at the moment. Analyst TradingShot notes that the bullish momentum is confirmed by the formation of a golden cross on the price of Cardano. However, the last time this happened, the altcoin climbed towards the 2.0 Fibonacci extension. If the phenomenon happens again, it will reach $1.40 very quickly!
And in the longer term, the Cardano predictions are even better. CryptoRus shows that the token is following the same path as its last bull cycle, indicating a potential ADA price at $6 by summer 2025.
The moral of the story: where there is Cardano (ADA), there is hope.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
