Cardano Price To $0.77? ADA’s Potential Path To Recovery

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The Cardano price has been on a slow roll lately, falling out of its $0.7 – $0.8 range over the past week. However, a crypto analyst has emerged with a bullish projection, expecting the altcoin to recover in the coming days.

How ADA Price Can Reclaim $0.77

In a video posted on the X platform, popular crypto analyst Ali Martinez shared an exciting analysis of the Cardano price, putting forward a short-term target for the altcoin. According to the online pundit, the ADA token is trading at a critical support level and could be on its way to $0.77 over the next few days.

This bullish projection is based on the formation of a horizontal channel pattern for the ADA price on the 3-hour timeframe. This channel is characterized by two major boundaries with at least four contact points, including two connecting lows and two connecting swing highs.

Typically, the upper boundary where the pivot highs form represents the resistance for the asset’s price while the lower channel trendline acts as the support cushion. A sell signal goes off when the asset’s price hits the top of the horizontal channel, while traders tend to buy when the price is at the channel’s lower boundary.

According to Martinez, the Cardano price has fallen into a horizontal channel since mid-March, trading within the $0.69 – $0.77 range. As shown in the chart below, the price of ADA is hovering around the support cushion (the lower boundary) at the $0.69 level.

Using the earlier logic, the Cardano token seems to be at a perfect buying spot, with the price currently at the channel’s lower trendline. Typically, when the asset’s price is at the bottom of the channel, it tends to bounce back toward the upper trendline.

Martinez noted that if the $0.69 support level holds, the Cardano price could make a bullish run toward the $0.77 mark. This rebound toward the upper boundary would represent an over 12% move from the current price point.

Cardano Price Overview

As of this writing, the price of ADA stands at around $0.685, reflecting an over 2% decline in the past 24 hours. While the altcoin seemed to be recovering nicely early in the week, it has witnessed a deep retracement toward its March lows.

According to data from CoinGecko, the Cardano price is down by nearly 4% in the past week. This sluggish weekly performance underscores the altcoin’s outlook over the past few months, with the ADA token seemingly moving farther away from the psychological $1 level.

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

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Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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