Analyst Says Cardano Could Set Stage for Next Move If ADA Holds this Range

Cardano (ADA) is at a critical juncture. It hovers within a key support range of $0.80 to $0.66. Crypto analyst Ali Martinez (@ali_charts) has highlighted this zone as a decisive level for ADA’s price trajectory.

In a recent post on X, he shared a chart emphasizing the importance of this support, noting that if ADA remains above this range, it could be positioned for a significant move.

https://twitter.com/ali_charts/status/1898998758098288992

The Importance of Support Levels

Martinez’s analysis shows that the $0.80 to $0.66 price range has repeatedly acted as both resistance and support over the past few years. The chart, which tracks ADA’s price action since before 2022, highlights multiple instances where this zone played a pivotal role in price movements.

Earlier in ADA’s downtrend, the $0.80 region served as resistance, preventing upward movement and reinforcing bearish momentum.

However, in the current market cycle, Cardano (ADA) has retested this range from above, indicating that it may now act as support. The most recent interaction with this zone saw ADA bouncing off the lower boundary, suggesting buyers are stepping in to defend the level.

This pattern aligns with Martinez’s broader technical approach. He often identifies historical price zones that have demonstrated repeated significance, using them as indicators for future rallies.

As noted in previous reports, Martinez has consistently emphasized how the ADA’s ability to hold key support levels directly correlates with its potential to rally.

https://twitter.com/TimesTabloid1/status/1680250907504656385

ADA’s Future Price Action

While ADA’s current price remains below $1, Martinez’s analysis suggests that breaking past this psychological level could trigger a more substantial rally.

His previous forecasts indicated that ADA could be primed for a larger move if it maintains support and gains bullish momentum. In particular, he has pointed to price targets of $2 and beyond should ADA confirm a breakout scenario.

Additionally, Martinez has laid out a longer-term perspective on ADA’s potential. He suggested that ADA could be on track for even larger gains in the coming months. In a recent analysis, he proposed a scenario where ADA could rally toward $10, provided it successfully repeats a historical pattern.

The digital asset is forming this pattern which sent it to its all-time high of $3.1. While there is some turbulence in the market, sustaining crucial levels could help the digital asset outperform the broader market.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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