Crypto analyst Trend Rider has outlined two potential paths for Cardano (ADA) to achieve new price highs. Despite being one of the worst-performing crypto assets this year, there is still hope for a turnaround in ADA’s price trajectory.
Two Scenarios for Price Growth
According to Trend Rider, ADA has two potential scenarios for a price surge. In the first scenario, if Bitcoin manages to stay above $60,000, Cardano’s price could climb as high as $0.60.
The second scenario involves ADA dropping to the $0.24 liquidation zone before experiencing a strong recovery. Trend Rider suggests that this drop could trigger a robust uptrend, potentially leading to significant gains.
However, some analysts warn that if Bitcoin falls below $60,000 due to poor unemployment data, ADA could also face a substantial price decline.
Mixed Sentiment and On-Chain Data
Although ADA showed signs of recovery in September with its first monthly positive performance, October has been disappointing amid the broader negative sentiment in the crypto market. On-chain data reveals that investor sentiment toward Cardano remains mixed. While large transactions have seen a slight uptick, the percentage of addresses in profit has declined.
Future Outlook and Considerations
Cardano’s future performance will largely depend on Bitcoin’s trajectory and the overall market trend. Investors should consider both potential scenarios before making any decisions regarding ADA. As with any volatile asset, staying informed and reacting to market movements will be key to navigating the future of Cardano.
Cardano, ADA, Bitcoin, price surge, liquidation zone
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