A top market analyst says Cardano is now ready for its next leg up past $1 after rebounding extensively from the recent market crash.
The recent market capitulation did not spare Cardano (ADA), the tenth-largest cryptocurrency by market cap. On October 10, ADA fell to a low of $0.279 but recovered to close at $0.636 on the same day.
Cardano Holds Major Support Level Despite Crash
Amid the current struggles to recover fully, analyst MMB Trader recently said Cardano is holding a crucial support zone on higher time frames, despite what he described as “market manipulation.”
He claimed that the flash dump signals that something massive was on the horizon, so market makers targeted to clear out leveraged traders before the impulsive move.
Notably, ADA was quick to reclaim the crucial support at $0.51 after the drop to $0.279, further strengthening the massive upward pressure around the region. Notably, this demand zone has stood firm on three different occasions this year to counter bearish momentum.
For perspective, prices rebounded from $0.51 during the February dump. It did so in April, following the broader market sell-off. Another scenario also occurred in June when the support quenched downward pressure, establishing itself as an important level for ADA.
Cardano Ready for Comeback
In an updated outlook, the market commentator highlighted on Wednesday that the market is gearing up for the next leg up. He believes this would happen soon, potentially taking Cardano to prices above $1.
ADA trades at $0.673 at the time of writing, down over 4% since yesterday. Meanwhile, MMBTrader’s first uptrend target is a run towards $1.077, representing a 60% growth from the current price level.
Interestingly, Fibonacci levels from his technical analysis show more upside could follow. Specifically, ADA could rise to the -0.272 Fibonacci level at $1.60, a 137% uptick from here. The final highlighted price target is $2, culminating in a 197% increase from the current market price.
Remarkably, other projections also align with these targets. For instance, Javon Marks predicted that ADA would break to $1.2 before a bullish continuation to $2.9. He expects a breakout from a recent descending channel to spur this.
Developer Phil also sees Cardano reaching $2, while Deezy predicts a run to $2.50. From the current price, the latter represents a 271% growth.
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.
