CARDANO PRICE TO $0.77?
The Cardano price has recently been on a downward trajectory, dropping from its $0.7–$0.8 range over the past week. However, optimism has emerged as a crypto analyst predicts a potential rebound in the coming days.
Ali Martinez, a prominent crypto analyst, shared an encouraging forecast for Cardano on the X platform. He identified a critical support level for the altcoin and suggested that $ADA might rise to $0.77 soon. His projection is based on the formation of a horizontal channel pattern on the ADA 3-hour chart. This pattern is marked by two boundaries: the upper resistance and lower support lines, each with at least four contact points (two lows and two swing highs).
In such patterns, the resistance at the upper boundary serves as a sell signal, while the lower boundary acts as a support cushion where traders often buy. According to Martinez, ADA has been trading within a horizontal channel since mid-March, ranging between $0.69 and $0.77. As the price currently hovers near the lower boundary at $0.69, it could be a promising buying opportunity. Historically, prices at the channel’s lower trendline tend to bounce back toward the upper trendline.
Martinez predicts that, should the $0.69 support level hold, ADA could rally to $0.77—a potential 12% gain from its current position.
As of now, Cardano trades around $0.685, experiencing a 2% drop in the past 24 hours. Despite showing signs of recovery earlier this week, it has retraced to its March lows. Weekly performance data from CoinGecko indicates a nearly 4% decline, reflecting the altcoin's broader struggles over recent months. ADA appears to be moving further away from the symbolic $1 mark.
