Cardano: ADA Drops To $0.46, Gears For A Parabolic Jump, Analyst Says

Juhi Mirza
Cardano (ADA) Price Prediction: January End 2024
Source: The Daily Hodl

The cryptocurrency domain is currently experiencing extensive volatility spurred by rising geopolitical tensions. The value fluctuations, mixed with the Bitcoin halving anticipation, are driving the prices of crypto tokens to new lows. Organically, Cardano ADA is reacting to the volatile weather and is exchanging value at $0.46 at press time.

ADA had lately been noting a gradual price ascent. While leading cryptocurrencies have logged in new price milestones, ADA has portrayed a reluctant stance while climbing to new highs. However, the gradual ascension is yet to deter its community members, who are hoping for ADA to go parabolic soon.

Also Read: Cardano (ADA) Price Prediction During Bitcoin Halving

Cardano to Go Parabolic, Analyst Says

Trend Rider, a notable crypto analyst on X, shared a fascinating new update on ADA. The analyst emphasized how ADA is currently gearing up for a stellar price high as it stands on the cusp of an “ultimate support test.”

“If history repeats itself, we might be on the cusp of $ADA’s ultimate support test before skyrocketing.”

The analyst further shared how ADA is known to have experienced similar price drops earlier. Trend Rider outlined how ADA had experienced a similar price drop in October 2020, when Cardano dropped to $0.10 before hitting the $3 price milestone.

Fueling hopes up a notch, the analyst shared how the current price momentum of Cardano might be mimicking its historic stance, with a critical RSI crossover and retest supporting its pace.

“Recall October 2020? The price dipped to $0.10 before soaring to $3. With a bullish RSI crossover and retest, are we gearing up for another parabolic move? 📈.”

Fear Rips Through the ADA Community

As Cardano experienced violent price dips, with its value hitting $0.46, the panic within the ADA community intensified. While acknowledging the onset of fear within the community, Trend Rider shared how ADA is battling an intense price resistance level to break through the storm.

However, he shared that if ADA continues to hold support, the token can break into a bullish streak, projecting stellar market momentum.

Also Read: Cardano ADA’s Bull Run Is Undeniable, Predicts Analyst