- ADA needs to hold the $0.63 support to boost bullish momentum.
- A 1.70 target is ideal for ADA by early next year.
- Staying below $0.63 would drag ADA into further consolidation.
According to Ali Martinez, a renowned cryptocurrency analyst, Cardano (ADA) needs to hold the $0.63 support to have a chance of returning to $0.85 soon, amid more bullish expectations. Martinez noted his ADA analysis in an X post, using a sideways symmetrical triangle pattern to explain what he expects of the scalability-focused cryptocurrency.
ADA’s Confluence of Indicators
Martinez’s latest post contained a screenshot of an ADA 12-hour chart from TradingView, revealing a classic symmetrical triangle pattern, with $0.63 coinciding with the latest support in the cryptocurrency’s rebound attempt. That level has become significant for ADA, considering the multiple indicators that highlight it as a crucial support.
Related: Why Did BTC, ETH, XRP & ADA Drop October & Can They Recover Before Halloween?
For instance, the 0.382 Fibonacci retracement level on ADA’s daily chart coincides with the $0.63 region, which has served as a multiple rebound level for the cryptocurrency within the past two weeks. In the meantime, Martinez plotted a tentative trend pattern that would see ADA break out of the symmetrical triangle in a bullish movement, with his target set at $1.7 by early next year.
A “Key Line in the Sand” for ADA
A respondent to Martinez’s latest post agreed with his submission and described the $0.63 level as a “Key Line in the Sand” for ADA. According to the respondent, holding above that level can trigger a momentum buildup for ADA, leading to a push through the mid-range resistance at $0.85. The crypto user believes that such a move will open the way toward a $1.70 target. However, he noted that falling and staying below $0.63 would risk dragging the cryptocurrency’s price into further consolidation.
Related: Cardano Price Prediction: ADA Price Attempts Recovery but Faces Stiff Resistance Near $0.75
ADA traded for $0.66 at the time of writing, according to data from TradingView. The cryptocurrency is on a recovery path after the broader crypto market crash of October 10. Having climbed above the 0.380 Fibonacci level, ADA’s next target is the 0.5 level, which currently coincides with $0.67.
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