What are the expectations for Cardano (ADA)?

#Cardano (ADA), which has made major declines on daily charts, is giving signals of a potential rise.

ADA has been struggling to maintain its upward momentum since reaching $ 1.3. ADA, which has experienced strong selling pressure throughout the week, retreated to $ 0.77 during these declines. AMBCrypto suggested that major altcoins, especially ADA, could recover from recent market declines.

Crypto analyst Ali Martinez claimed that $ADA could reach $ 6, referring to previous bull cycles. During the 2020 rally, the price of ADA rose from $ 0.088 to $ 0.19. After this rise, ADA fell to $ 0.12 and settled at $ 1.02 two months later.

According to Martinez, a similar scenario may occur in ADA.

ADA, which has lost nearly 8 percent in value in the last 24 hours, is expected to rise in the coming days.

AMBCrypto said: “If history repeats itself, Cardano could host a major rally after the current correction.”

While Martinez’s historical cycle gives investors hope, market indicators reflect a different outlook. AMBCrypto stated that the ADA price was not supported by the growth in on-chain activity. In addition, Cardano’s trading volume and buying appetite did not reach a sufficient level.

The analysis mentioned the following: “Despite the recent decline, ADA’s market value still appears to be growing faster than on-chain transactions. This trend suggests that there is speculative price growth rather than increased usage in Cardano.”

According to the price analysis, ADA needs to recover the $1 resistance. If this resistance is overcome, the resistance levels of $1.2, $1.6, $1.8 and $2.4 can be targeted, respectively.