Crypto analyst Trend Rider has outlined two scenarios where Cardano (ADA) might see new price heights. However, ADA has been one of the worst-performing cryptocurrencies since the beginning of the year.
Opportunities for Price Growth
Trend Rider highlighted two different scenarios for ADA's price increase. In the first scenario, if Bitcoin remains above $60,000, Cardanoβs price could rise to $0.60. The second scenario suggests that ADA may drop to a liquidation zone of $0.24 before starting a recovery. A strong upward trend could begin following this situation. Some analysts believe that Bitcoin might fall below $60,000 due to unfavorable unemployment data, which could also lead to a significant price drop for ADA.
Current Status and Expectations
Having had rising expectations since the beginning of the year, ADA recorded its first monthly positive performance in September. However, in October, its anticipated performance did not materialize due to the negative sentiment in the overall crypto market. The future performance of Cardano appears to depend on Bitcoinβs overall condition and general trends in the crypto market. Traders need to consider potential rise or fall scenarios for ADA when making decisions.
Conclusion
Despite current challenges in the market, analysts keep a watchful eye on developments around Cardano, anticipating a potential shift in its price dynamics based on the broader cryptocurrency market conditions.
Potential future of ADA is subject to both external market factors and its internal dynamics. Both scenarios presented by Trend Rider offer traders various strategies for predicting ADA's price movement.