The cryptocurrency
Cardano (ADA) is at a critical juncture, hovering over a key support level that could determine its immediate future. In this scenario, renowned analyst Ali Martinez shared a technical analysis of a potential rally for the asset in the near future.
ADA’s ability to hold above this support is important as a break could trigger a fresh wave of selling, while holding it could fuel a rally towards the $0.77 mark, the expert noted.
At the time of publication, Cardano’s price was trading at $0.7025, down 4.7% in the last 24 hours. In a week, the asset’s price has fallen by almost 2%.
Technical analysis has highlighted the importance of this support level for ADA. The cryptocurrency has shown resilience in holding above this point, which suggests a possible strengthening of demand and the potential for an upward movement. If ADA manages to hold above the support, the next target would be to reach the $0.77 level.
“Cardano $ADA is holding at a key support level. If it holds, a bounce to $0.77 could be next,” he said.
#Cardano $ ISLANDS is holding at a key support level. If it holds, a rebound to $0.77 could be next.
— Ali (@ali_charts) March 28, 2025
Such a move would represent a significant gain, however, breaking support could trigger a deeper correction, with ADA seeking new support levels below.
Cardano (ADA) Heading to $2?
A recent technical analysis, disclosed by Ali Martinez on X (formerly Twitter) suggests that Cardano (ADA) could be about to experience a significant rally, with the price potentially reaching an impressive $2.
Martinez’s analysis is based on the formation of a right-angled descending wedge on the ADA chart. Confirmation of this chart formation could propel ADA to a new price level, with an initial target of $2. This move would represent a significant gain for investors who closely follow Cardano’s development.