The cryptocurrency space is currently experiencing great volatility driven by rising geopolitical tensions. Fluctuations in value, combined with anticipation of a Bitcoin halving, are pushing crypto token prices to new lows. Organically, Cardano ADA reacts to the unstable weather and is trading at $0.46 at press time.
ADA had recently noticed a gradual increase in prices. As major cryptocurrencies hit new price milestones, ADA displayed a reluctant stance while hitting new highs. However, the gradual ascension has yet to deter community members, who are hopeful that ADA will go parabolic soon.
Read also: Cardano (ADA) Price Prediction During Bitcoin Halving
Cardano to go parabolic, analyst says
Trend Rider, a notable crypto analyst on X, has shared a fascinating new update on ADA. The analyst highlighted how ADA is currently bracing for a stellar price as it finds itself on the cusp of an “ultimate test of support.”
“If history repeats itself, we could be on the cusp of the ultimate test of $ADA support before it soars higher.”
The analyst further explained how ADA is known to have experienced similar price drops earlier. Trend Rider explained how ADA saw a similar price drop in October 2020, when Cardano fell to $0.10 before reaching the $3 mark.
Fueling hopes up a notch, the analyst explained how Cardano’s current price momentum could mimic its historical position, with a critical RSI crossover and retest supporting its pace.
“Remember October 2020? The price fell to $0.10 before rising to $3. With a bullish crossover in the RSI and a retest, are we preparing for another parabolic move? 📈.”
Fear is tearing apart the ADA community
As Cardano saw violent price drops, with the value reaching $0.46, panic within the ADA community intensified. While acknowledging the emergence of fear within the community, Trend Rider explained how ADA is battling an intense level of price resistance to weather the storm.
However, he shared that if ADA continues to hold its support, the token can enter a bullish streak, projecting stellar market momentum.
Also Read: Cardano ADA Bull Run Is Undeniable, Analyst Predicts
reference: watcher.guru