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The recent dip in Cardano price to near $1 has sparked discussions in the broader crypto market, especially after the recent strong rally. It appears that the dip comes amid a retreat noted in the broader crypto market, indicating that investors are taking a pause ahead of the crucial economic releases. However, despite the recent dip, a top expert predicts ADA to hit $4 in the coming days if it holds a key support level.
Top Analyst Predicts Cardano Price To Hit $4
The crypto market saw its biggest liquidation recently, with traders liquidating $1.76 billion in the last 24 hours. This has triggered immense selling pressure on the broader crypto market, with Bitcoin and the top altcoins taking the biggest hits.
There was no exception for Cardano price as well, which saw a slump of nearly 10% during writing. However, despite the recent dip, top crypto market experts appear to have remained bullish on the future trajectory of the crypto.
For context, Ali Martinez, a prominent figure in the crypto space, recently shared a price chart of ADA, citing its historical trends. The analyst has compared the recent price swings to its 2020 performance, saying that he would continue to accumulate ADA even if the price continue to slump.
In addition, Martinez also hinted that the crypto is poised to hit $4 or even $6, which would allow traders to book profit. In his recent X post, he stated:
“Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”
What’s Next For ADA?
ADA price today was down nearly 10% during writing and exchanged hands at $1.01. However, the crypto’s trading volume has rocketed 122% to $3.88 billion at the same time. Notably, the crypto has touched a 24-hour high of $1.15, while noting a monthly gain of 75%.
Besides, CoinGlass data showed that Cardano Futures Open Interest slumped 25% amid a broader crypto market crash, indicating a waning risk-bet appetite of the investors. However, the Relative Strength Index for ADA at 53 suggests a neutral stance for the crypto. This indicates that the crypto could witness further gains.
Source: TradingView
Additionally, Martinez has highlighted a key trend for Cardano price, saying that the crypto has slipped below the “critical $1.20 support level.” He noted that around 93,000 addresses had purchased 2.54 billion ADA at this level. Besides, he also said that the next demand zone for the crypto stands at $1 now.
In addition, the Cardano Foundation X handle was hacked recently, which has also sparked concerns in the market. The hackers have promoted a false token, saying that it would stop ADA withdrawals due to the US SEC crackdown. However, the team was quick to address the issues, which has boosted the market spirit.
On the other hand, a recent analysis hints at a potential ADA rally to $2. Also, the analysis showed that the Cardano price trajectory remains bullish as long as it holds above the $0.644 support level, indicating that the crypto could witness further rally in the coming days.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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