Cardano New Entry Presents 3,270% Opportunity

Cardano looks good for an entry, and the target is a nice rebound with massive upside potential.

A TradingView analysis from MasterAnanda identified this development, even as the recent dip presents a new opportunity. Notably, Cardano has dropped 3.8% in the past 24 hours, a sideways trend that mirrors the broader crypto condition.

Key Points

• Cardano has dropped 5.8% in the past 24 hours, a sideways trend that mirrors the broader crypto condition.
• The recent dip on March 31 to $0.2342 is the lowest price ADA has seen since the February 6 capitulation to $0.220.
• The Tuesday drop marked a higher low, presenting a great entry opportunity.
• The broader market remains relatively stable, with Bitcoin and Ethereum’s resilience lending support to ADA’s rebound.
• Cardano targets the 0.382 Fibonacci level at $0.643 and the 0.618 Fibonacci level at $0.904, but could reach $1.05.
• Reaching the target would result in a potential 3,270% gain for a 10x long position.

Cardano Retracement Presents New Opportunity

MasterAnanda noted that the recent dip has presented a new opportunity for Cardano. The analyst highlighted the recent dip on March 31 to an intraday low of $0.2342 as the lowest price ADA has seen since the February 6 capitulation to $0.220.

Notably, despite the over 3% correction in the past 24 hours, the coin has yet to reach the March 31 low, with the price bottoming at $0.2357 at press time. According to the market watcher, the Tuesday drop marked a higher low, presenting a great entry zone.

Furthermore, this is the closest Cardano has been to a multi-year low. The current support band between $0.233 and $0.280 is a local demand zone, with the last visit in August 2024, when prices bounced from $0.275 to hit $1.32 by December 2024.

Bitcoin and Broader Market Stable

The analysis also identified that the broader market remains relatively stable. Bitcoin reacted to Donald Trump’s recent update on the Iran conflict, dropping to $66,300. However, this has happened before, and the crypto leader has somehow managed to recover.

It rebounded to above $68,000 yesterday from under $65,000 last week, reinforcing its resilience in the face of this geopolitical uncertainty. Recall that BTC has outperformed gold and the S&P 500 since this tension started.

Ethereum, on the other hand, has also shown resilience. It reclaimed $2,100 before yesterday’s event but still remains above $2,000 despite the washout.

MasterAnanda believes that while bulls are not in control, the current stability could build momentum for a recovery. This could help Cardano’s course to rebound considerably to higher prices.

Cardano Uptrend Targets

Meanwhile, his accompanying chart presents where Cardano could be headed if it holds the current support. The first is the 0.382 Fibonacci level at $0.643, and the next is the 0.618 Fibonacci level at $0.904. However, the analyst noted that the rally could exceed this point to $1.05.

In view of this, the chartist recommended a 10x long position with a 5% allocation. The entry point is around $0.2050 and $0.2500. Notably, reaching the target would result in a potential 3,270% gain. The stop for this position is a weekly close below $0.2230.

However, it is important to note that this may not play out as expected due to the unpredictable nature of the crypto market, which could lead to losses. As a result, investors should not regard this as investment advice.