Expert Shows Power of Three (PO3) Setup Could Push Cardano to $3
A recent analysis on Cardano suggests a potential rebound after its recent significant price drop, falling over 6% to $0.49, with a total 17% loss in the past week and 36% over the last 30 days. Analysts highlight an ongoing accumulation phase (phase 2) with support at $0.435, followed by a predicted rally in phase 3 that could push Cardano to $3. This would mark a 485% increase from its current price and potentially retest its all-time high of $3.10. Indicators such as MACD and RSI patterns also align with this forecast, with analysts widely predicting a $3 price if the altcoin market enters a bullish phase.
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Cardano's Recent Price Movement and Market Analysis
A recent analysis has highlighted the possibility of a Cardano rebound, with a new chart setup tipped to spur another round of bullish price action. Cardano is currently experiencing a significant price dump, similar to most other cryptocurrencies. With Bitcoin plunging below $100,000 yesterday for the first time since June, Cardano dropped over 6% to a five-month low of $0.49 before recovering slightly.
Concerns About Bearish Trends
The apparent price weakness has taken ADA’s loss to 17% in the past week and 36% over the last 30 days, raising alarms about whether the token and the broader cryptocurrency market have entered a bearish phase. An accompanying chart indicates yesterday’s downtrend is propelling Cardano into Phase 2, a period described as one of price accumulation. The analyst expects this phase to include short-lived price corrections but predicts Cardano will hold support at $0.435.
Cardano's Accumulation Box and Support Level
The accumulation phase appears to align with the lower support level of the accumulation box, situated approximately 18% below the current market price of $0.53. This suggests a potentially stable foundation for the token as it transitions toward the next phase of growth.
Phase 3: The Anticipated Cardano Rally
After the accumulation phase, analysts predict Cardano will transition into Phase 3, characterized by substantial gains. The chart suggests this phase will potentially drive Cardano past the Phase 1 high of $1.32, with the possibility of retesting its 2021 peak and all-time high of $3.10. This would represent an impressive 485% increase from the current market price of $0.53.
Indicators Aligning with Bullish Predictions
Notably, other technical indicators are aligned with the bullish narrative. The MACD and RSI on the daily chart are both in a downward trend, matching current price movements. A breakout of these indicators, in combination with the PO3 pattern, could further fuel ADA's climb toward the anticipated $3 mark.
Forecasts and Predictions for ADA
The prediction of 'Cardano to $3' has become a widely accepted target among analysts as they anticipate a recovery during the next bullish phase for altcoins. Crypto Deezy is one of the analysts forecasting this price, highlighting the significance of a breakout from a descending channel. Similarly, Permabull Dan Gambardello has also stated that ADA is likely to reach the $3 price point, boosting investor expectations.