A top market analyst predicts that Cardano (ADA) will rally to a new all-time high, but would face ups and downs on its path to the unprecedented price mark.
Cardano currently trades at $0.798, occupying the 10th position in the cryptocurrency ranking by market cap. This brings its market cap to $28.5 billion, up 3.36% over the past 24 hours.
Cardano On a Path to Recovery
Specifically, the altcoin is on a path of recovery after a steep decline saw it drop 14.4% from $0.884 to a low of $0.756.
Notably, ADA has rebounded from this low to its current price but still trades around a crucial support area identified by analyst Rasool Ahmadi. His September 28 TradingView commentary highlighted that Cardano would continue to rise from the area to a zone marked red in the accompanying chart.
For context, the red zone aligns with the $0.88 to $0.90 region, marking a 10% to 13% increase from the current market price.
Another Leg Down Before Cardano Rally to $4
Interestingly, Cardano faces an even steeper correction than currently seen, according to Ahmadi’s analysis. The market watcher expects a massive downtrend towards the $0.61 to $0.64 support, an area he marked green in his chart.
Ahmadi noted that the area is the “best support” for Cardano, as it is a good entry point for spot positions. As a result, he projects that momentum from the support and potential buying pressure would catalyze a rally from the $0.64 support to the final destination.
Specifically, he predicted a 535% jump from the support to a new all-time high of $4. Notably, this marks a 401% growth from the current market price of $0.798.
Cardano to $4: A Common Bet Among Analysts
Meanwhile, the Cardano to $4 projection aligns with a growing belief that the current downside is only temporary, and prices will rebound in no time. Notably, several other analysts have also predicted that Cardano would attain the unprecedented price level this cycle.
For context, an August analysis from Cardano-based DEX Mintern projected a rally to $4. The account based the $4 price target on an ADA run to the upper resistance of a developing ascending channel on the 4-day chart.
Market trader Crypto Smith also shared a similar outlook for Cardano in a July X post. He identified a forming cup and handle pattern on the ADA chart, predicting that a breakout would channel the token towards $4.
Additionally, analyst Ali Martinez insisted that Cardano is repeating its price action from the previous cycle. This recurring development formed the basis for his prediction that Cardano would rally to between $4 and $6 this cycle.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
