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11/21/2024

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Cardano's Critical Support Level Could Determine Next Major Rally, Says Analyst

Cardano needs to hold $0.72 for continued bullish momentum ADA retraces 8% from recent multi-year high Analysts project targets ranging from $1.36 to $6 Leading cryptocurrency analyst Rekt Capital has...

Cardano's Critical Support Level Could Determine Next Major Rally, Says Analyst
  • Cardano needs to hold $0.72 for continued bullish momentum
  • ADA retraces 8% from recent multi-year high
  • Analysts project targets ranging from $1.36 to $6

Leading cryptocurrency analyst Rekt Capital has identified a crucial price level that Cardano (ADA) must maintain to continue its bullish trajectory. The analysis comes as ADA consolidates following its recent surge to $0.8466, a level not seen since April 2022.

According to Rekt Capital, the $0.72 mark has transformed from resistance into a critical support level. “Cardano needs to establish solid support at this former supply zone to maintain its upward momentum,” the analyst noted.

Despite Bitcoin’s push to a new all-time high of $98,000, Cardano has shown divergent behavior, retracing over 8% from its recent peak. This disconnect from the market leader’s performance has raised questions about ADA’s immediate trajectory.

Technical analysis suggests several potential targets for ADA:

  • Near-term Fibonacci extension at $0.994 (1.272)
  • Secondary target at $1.363 (1.618)
  • Long-term projection of $6 by analyst Ali Martinez (July-September 2025)

“Cardano could replicate its 2020 bull cycle performance,” Martinez stated, dismissing criticism of the asset while maintaining his bullish long-term outlook.

Trading at $0.78, ADA shows marginal daily losses but maintains a 9% buffer above the crucial $0.72 support zone. The sustainability of this position could determine the asset’s next major move as the market watches for confirmation of continued bullish momentum.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.

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