A bullish analyst sees Cardano (ADA) rising 15% as a buy indicator
Cardano (ADA) has struggled to capitalize on the current optimistic mood sparked by the Federal Reserve's 0.50% interest rate cut this week.
ADA trades at $0.3517, down 2% in the previous week, while Bitcoin (BTC) and Ethereum (ETH) have gained over 5%.
Cardano Buy Signals
Despite these short-term losses, experts are confident about Cardano's price. Trend Rider, a technical expert, noted that ADA's one-week chart's Oscillator Wave went green for the first time in 46 weeks.
This indication predicts a bullish turnaround, thus Trend Rider bought ADA at its present price. He finds critical support around $0.3150 below the current price.
Trend Rider expects ADA to test resistance at $0.400, a 13% gain from its current price. An upward momentum might drive Cardano toward long-term resistance levels of $0.460 and $0.480.
Jesse Olson, another expert, sees a buy signal in Cardano as its daily low rises.
The purchase signal might hit Olson's big price goals. He thinks ADA might reach $0.4500, then $0.550, then $0.620, and $0.650 by year's end.
Helps Monitor ADA
Both experts forecast optimistic Cardano token prices, but crucial levels must hold to avoid declines in the coming days. Over the last week, the token has maintained stability around $0.3445, a significant support level for further upward momentum.
If $0.3445 is broken, the $0.3296 area, ADA's weekly low, is next. A decline below this level would signal deteriorating bullish mood and increase selling pressure.
If the bears strengthen, the situation might deteriorate. An over 10% loss from present prices would trigger the next key support level around $0.3150. This level has protected ADA, and its violation might extend the downturn.
The next crucial support level is $0.3035. ADA avoided going below $0.300 during the August 24 market crisis because to this level. The price dropped to a one-month low, emphasizing the need to sustain support.
