Cardano may be preparing for a major price surge, potentially replicating the explosive breakout seen with XRP. Its recent partnership with Walmart has further fueled speculation about its growth prospects. Crypto analyst, Trader Steve recently shared an optimistic outlook, pointing to its strong potential for recovery and citing key technical indicators.
Potential to Mirror XRP’s Rally
Trader Steve’s analysis is based on Fibonacci retracement levels, highlighting crucial support zones at 61.8% and 78.6%. His chart also marks a “higher high” and outlines a possible bullish trajectory for ADA.
The comparison to XRP stems from the impressive rally the token experienced between November and December 2024. During that period, the token broke multiple resistance levels, consistently setting higher highs and eventually surpassing $2—a price level not seen in over seven years. The momentum carried into January, bringing XRP close to reclaiming its all-time high from 2018.
In contrast, Cardano did not experience similar upward momentum during that time. ADA has struggled to surpass $1.32, a level it reached in early December 2024. Currently, it is trading around $0.70, and analysts are watching closely to see if it can regain strength and push toward its 2021 highs.
Trader Steve remains confident in Cardano’s potential for a breakout, he believes ADA is ready to replicate XRP’s rally.
Crypto trader Yoel Jr. also contributed to the discussion, noting that Cardano needs to close above $0.81 to confirm a bullish trend. He cautioned that failure to break this level could result in prolonged sideways movement, which he called the “boring zone.”
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Cardano May Experience a Dip Before Rebounding
While optimism surrounds Cardano’s potential rally, analyst Jonathan Carter has provided a more cautious perspective. He pointed out that ADA is forming a bull flag pattern on the one-day chart, which typically signals the possibility of upward movement. However, he emphasized that the price may need to retest lower support levels before a strong rally can occur.
Carter suggested that ADA could dip toward the $0.60 support level, where stronger buying interest might emerge. If the asset rebounds from that zone, it could set the foundation for a sustained uptrend.
Carter outlined key resistance levels at $0.845, $1, and $1.325. A break above these points would strengthen ADA’s bullish outlook and increase the likelihood of a long-term recovery.
Investors will closely monitor Cardano’s price action to determine whether it can replicate XRP’s remarkable performance. A decisive move past key resistance levels could signal the beginning of a significant rally, but failure to do so might result in further consolidation.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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