Cardano is one of the altcoins that have been significantly impacted in the crypto market crash triggered by the Bitcoin decline. However, while this could sound as the end of the road for some, others are seeing this as an opportunity to buy the cryptocurrency for cheap. One of those is crypto analyst Alan Santana, whose recent analysis points toward bullishness for the ADA price in spite of the decline.
The State Of Cardano
Crypto analyst Alan Santana has outlined why the Cardano altcoin could be a good buy from these prices. In the analysis posted on TradingView, Santana suggests that investing in an altcoin like Cardano should be focused on the long term rather than the short term.
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The analyst pointed out that the Cardano price is currently undergoing a major correction. However, there is no cause for alarm as this decline isn’t localized to just Cardano alone. Rather, it is affecting the entire crypto market.
Instead of focusing on the market decline, Santana points out that Cardano is a great project, so it is better to pay attention to what is to come. For example, the current level is a good level to begin accumulating AD coins and the Fibonacci indicator supports this.
Presently, the ADA price has lost its support at the 0.786 Fibonacci retracement, which is bearish for the short term. This is because it will cause the altcoin price to actually move to its long-term support of $0.25 seen in January and October 2023. Nevertheless, this makes it a good time to start buying for long-term gains, according to the analyst.
Can ADA Return To Its ATH?
With the Cardano price plunge below $0.29, it is now down almost 91% from its September 2021 all-time high of $3.1. This means that the altcoin’s price will have to do a 10x to reach a new all-time high, and with the expectation of potential upside, it could make now a unique opportunity to buy.
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On his part, crypto analyst Alan Santana expects the ADA price to reach a bottom and then bounce from $0.25. The top of the target from here lies just above $0.65, meaning that this would be a 150% increase in price from the historical support level of $0.25.
Santana is not the only crypto analyst that sees upside for Cardano as another analyst Captain Fabik also expects the altcoin’s price to rise. The crypto analyst had pointed out a Falling Wedge Breakout on the chart, signaling a 70% rally for the digital asset.
However, another crypto analyst Crypto Bullet believes that the ADA price will actually underperform in this bull market. While the analyst believes a price increase is possible, they do not believe that the price will reach a new all-time high this cycle.
Featured image created with Dall.E, chart from Tradingview.com