The Cardano price has been on a slow roll lately, falling out of its $0.7 \u2013 $0.8 range over the past week. However, a crypto analyst has emerged with a bullish projection, expecting the altcoin to recover in the\u00a0coming days.<\/p>\n
In a video posted on the X platform, popular crypto analyst Ali Martinez shared<\/a> an exciting analysis of the Cardano price, putting forward a short-term target for the altcoin. According to the online pundit, the ADA token is trading at a critical support level and could be on its way to $0.77 over the next few days.<\/p>\n This bullish projection is based on the formation of a horizontal channel pattern for the ADA price on the 3-hour timeframe. This channel is characterized by two major boundaries with at least four contact points, including two connecting lows and two connecting swing highs.<\/p>\n Typically, the upper boundary where the pivot highs form represents the resistance for the asset\u2019s price while the lower channel trendline acts as the support cushion. A sell signal<\/a> goes off when the asset\u2019s price hits the top of the horizontal channel, while traders tend to buy when the price is at the channel\u2019s lower boundary.<\/p>\n According to Martinez, the Cardano price has fallen into a horizontal channel since mid-March, trading within the $0.69 \u2013 $0.77 range. As shown in the chart below, the price of ADA is hovering around the support cushion (the lower boundary) at the $0.69 level.<\/p>\n Using the earlier logic, the Cardano token seems to be at a perfect buying spot, with the price currently at the channel\u2019s lower trendline. Typically, when the asset\u2019s price is at the bottom of the channel<\/a>, it tends to bounce back toward the upper trendline.<\/p>\n Martinez noted that if the $0.69 support level holds, the Cardano price could make a bullish run toward the $0.77 mark. This rebound toward the upper boundary would represent an over 12% move from the current price point.<\/p>\nCardano Price Overview<\/strong><\/h2>\n