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Cardano could be the next coin to rise after XRP, as the ADA price shows signs of a change Imminent market recovery. One cryptocurrency analyst speculated that the price of ADA could be the same Experience an epic outbreak to $4.88 in this bull cycle. The analyst has based his bullish forecast on Cardano’s price action, providing insight into its potential future movements based on technical analysis and current market conditions.
ADA price sets milestones at $4.88
Alan Santana, a senior analyst at TradingView, issued a report a report Announcing that Additional growth in Cardano prices Possible in this Taurus cycle. Sharing a detailed price chart of Cardano’s movements from 2021 to the present and its future price path, the analyst predicted a significant rise to $4.88 by 2026.
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Alan Santana revealed that the price of ADA has been in a long consolidation phase for 915 days since May 2022. Surprisingly, the popular altcoin has been It broke out of this range earlier this monthproducing the highest bullish volume ever.
Cardano’s current market position suggests that it is steadily exiting a phase Market bottomIt is a development that often precedes a continuous upward trend. Alan Santana confirmed this The recent shift in the direction of Cardano This is just the beginning, as the cryptocurrency has more room to grow in this bull cycle.
Furthermore, the analyst revealed that the primary focus of his technical chart analysis is not to predict or identify a new all-time high How far will Cardano go by 2025?. Instead, the analysis aims to highlight Cardano’s short-term price action based on the long-term chart.
Looking at the price chart, Alan Santana identified the 0.8875 Fibonacci level as the main support level for Cardano. This support was initially the resistance level that ADA overcame during the bullish breakout last month. The analyst confirmed that A breakout indicates a higher level ADA price reached since May 2022.
Alan Santana predicted that if Cardano can break through the key support level at 0.8875, market sentiment will remain “very bullish” and additional price growth should be expected. On the other hand, if Cardano fails to break the 0.8875 level, it may fall to a minor support level at 0.6330.
if Cardano is experiencing a bounce To 0.6330, the TradingView analyst emphasized that the overall structure of the cryptocurrency market will remain strong. These strong fundamentals have led the analyst to predict… Big rise to $2 For ADA, if it can maintain the price above the 1.30 Fibonacci level.
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Will Cardano Mirror XRP prices rise?
Cardano is currently showing potential to mirror XRP, as the optimism surrounding the ongoing bull market could spark a spark High prices for ADA price. Since the beginning of the year, Cardano price has been stuck in a consolidated and declining state. This poor performance has led to growing concerns among crypto members, with many… He described the ADA as a dead coin.
However, with the emergence of new signs of A Potential price riseCardano could achieve XRP-like gains if market sentiment turns in its favor. As of this writing, XRP price It was trading at $2.6 after rising more than 428% in the past month.
Featured image created with Dall.E, chart from Tradingview.com