Cryptocurrencies have been extremely volatile lately, with a lot of money moving around rapidly. One digital asset that has recently garnered huge attention is Cardano (ADA). According to the crypto analyst Trend Rider, ADA suffered heavily, fueling fears among investors. But this may not be the end, as the analyst suggests some critical points worth considering.
Critical Juncture for Cardano (ADA)
According to the latest analysis by Trend Rider, ADA’s price has reached an extremely critical juncture. A violation of this key support zone could make it plunge so quickly to $0.25. On the other hand, if we keep this level, then perhaps this could be one-half of a double bottom before a potential rally to $1.
Notably, Cardano’s fate seems inextricably tied to the movements of Bitcoin, the world’s dominant cryptocurrency. Should Bitcoin follow a bullish “yellow line” trajectory, most altcoins, ADA included, could experience a sharp decline followed by a remarkable rebound. However, if Bitcoin takes a bearish “red line” path, the crypto market could brace for an extended bear phase.
Despite the market’s uncertainty, Trend Rider advises investors and traders to remain calm and stick to their well-designed plans. This includes emotional control, tuning out market noise, and disciplined execution. It is worth mentioning that Trend Rider always carefully follows bullish signals, such as green circles on oscillators or price stability at current levels. If these signals show up, the analyst intends to initiate a massive long position while promptly cutting losses if the trade goes wrong.
Trend Rider tweeted separately, drawing interesting comparisons between Cardano today and its October 2020 circumstances in the markets. During this time, ADA’s value dropped down to a mere $0.10 before reimerging at an impressive $3 valuation. The analyst says that history could repeat itself as ADA might get ready for its final support test ahead of parabolic rise in prices. Fear levels are peaking as noted by Trend Rider which is often a characteristic of testing major support thresholds.
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