Cardano Price Tests Key Levels Market expert TrendRider highlighted this potential in a recent post on X (formerly Twitter), noting that the super signal indicates a strong possibility for ADA to gain value against Bitcoin in the upcoming weeks. This signal carries historical significance, boasting an 80% accuracy rate whenever it has appeared, suggesting that further price gains for Cardano are not just hopeful speculation but grounded in past performance.
TrendRider emphasizes that if Cardano manages to close the week above this level, it could signal the continuation of an upward trend. Following this, the price is expected to encounter volatility around the $0.430 mark, where the 50-day EMA is situated, and again at $0.490, which aligns with the 100 and 200-day moving averages. However, according to TrendRider’s analysis, the ultimate target for Cardano could be the 200-day simple moving average (SMA) at $0.75, which would be a significant milestone for the token following the significant price declines it has experienced over the past month.
This optimism extends not only to Cardano but also to other prominent altcoins, which have shown signs of recovery following two notable market corrections of over 20% each on August 5 and September 6. During these downturns, the Cardano price fell to $0.27 and $0.303 respectively, marking significant lows for the 2024 token after hitting its annual high of $0.810 earlier this year during the Q1 rally, which also saw BTC hit its all-time high of $73,700.
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