Cardano (ADA), which has made a big decline on the daily chart, signals a possible upside.
ADA has struggled to maintain its upward momentum after reaching $1.3. ADA, which experienced strong selling pressure throughout the week, retreated to $0.77 amid these declines. AMBCrypto suggested that major altcoins, particularly ADA, could recover from the recent market decline.
Crypto analyst Ali Martinez claimed that ADA could reach $6, citing previous bull cycles. During the 2020 rally, the price of ADA increased from $0.088 to $0.19. After the aforementioned increase, ADA fell to $0.12 and settled at $1.02 two months later.
According to Martinez, a similar scenario could occur with the ADA.
Cardano (ADA) has reached a dead end.
It is predicted that ADA, which has lost nearly 8% in value in the last 24 hours, will rise in the coming days.
AMBCrypto used the following statements:
“If history repeats itself, Cardano could host a major rally after the current correction.”
While Martinez’s track record gives investors hope, market indicators reflect a different outlook. AMBCrypto stated that the price of ADA is not supported by increased on-chain activity. Additionally, Cardano’s transaction volume and buying appetite have not reached a high enough level.
In the analysis, the following was mentioned:
“Despite the recent decline, ADA’s market cap is still growing faster than on-chain transactions. “This trend points to an increase in value rather than an increase in usage in Cardano.”
According to the price analysis, ADA needs to reclaim the $1 resistance. If the mentioned resistance is overcome, resistance levels of $1.2, $1.6, $1.8 and $2.4 can be targeted respectively.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
