Crypto analyst Trend Rider has outlined potential scenarios for Cardano’s (ADA) price to hit new highs despite its current downward trend. ADA has been one of the worst-performing crypto assets this year.
According to Trend Rider, if Bitcoin stays above $60,000, Cardano’s price could climb to $0.60 without further decline. However, if Bitcoin falls below this level, ADA may drop to as low as $0.24 before experiencing a significant rally. This “crash scenario” could shake out weak holders and set the stage for a bullish recovery.
Currently, the latter path seems more probable as Bitcoin is expected to dip below $60,000, which could lead to further declines in ADA’s price. Cardano has struggled throughout 2024, with a year-to-date gain of just over 12%, despite early optimism.
On-chain data presents mixed signals: large transactions indicate that whales are accumulating ADA, but only 17.59% of holders are currently in profit. If those facing losses decide to sell, further downward pressure could ensue, with $0.22 being a key support level. At the moment, ADA is priced at around $0.35, with trading volume down by 23%.
