Ali Martinez, crypto analyst drew the Cardano Community (ADA) Pay attention to a crucial indicator that could be bullish for Cardano price. Based on his analysis, the crypto token could see a rally that would send it up to $1.
Cardano could soon see a 75% price hike
Martinez mentioned in an X (formerly Twitter) job that Cardano could see “another impressive rebound” with its market value to realized value (MVRV) falling below -22%. He had noted that ADA’s price rose more than 75% the last time the MVRV ratio fell below -22%. Compared to Cardano’s current price level, a rise of more than 75% will take it above the $1 price mark.
Crypto Analyst Trend Rider also recently raised the possibility of Cardano reaching $1. He mentioned in a Message that the crypto token could reach this price level in 1-3 months if it could defend the support level at $0.44. In a previous Messagehe also mentioned that Cardano’s bull run could be back if its price goes back above $0.54.
Interestingly, Trend Rider has previously predicted that Cardano could reach $3 if history repeats itself. He alluded to October 2020, when Cardano’s price fell to $0.10 and later skyrocketed to $3. He suggested that this could happen again as the crypto token is on the verge of its “ultimate test of support.”
Total crypto market cap currently at $2.261 trillion. Chart: TradingView
Cardano establishing a support level appears to be what is stopping the crypto token from causing this parabolic price rise. Crypto analyst Alan Santana also alluded to this when he mentioned that ADA could fall as low as $0.34 to establish support before the crypto token turns bullish again.
Not yet Cardano season
Dan Gambardello, the founder of Crypto Capital Venture, mentioned that Cardano’s price is “frustrating” because it’s not “Cardano season” yet. He is confident that the crypto token will have its season soon enough and will “do really well.” However, ADA holders We may have to wait a bit, as the analyst warned that Cardano’s power shift may not happen until months later.
Meanwhile, Gambardello revealed that Cardano could fall into the “low 30s” as cryptocurrency prices continue to fall amid fears of a war breaking out between Israel and Iran. The analyst also showed some optimism, as he predicted that ADA, alongside other crypto tokens, could “bounce back like crazy” once this period of fear is over.
At the time of writing, Cardano is trading at around $0.49, up over 9% in the last 24 hours according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView
