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Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA?
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Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA?

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Cardano ADA

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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.

Cardano ADA price chart from Tradingview.com
ADA price enters recovery trend | Source: ADAUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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