Cardano (ADA) slid to as low as $0.2342 intraday on March 31, local time, nearing multi-year lows. TradingView analyst MasterAnanda said an "entry zone" had opened for Cardano, citing a support range of $0.233 to $0.280.

Blockchain outlet The Crypto Basic reported on Wednesday that MasterAnanda claimed Cardano's decline on Tuesday formed a "higher low". He pointed to the March 31 low as the lowest level since it fell to $0.220 on Feb. 6.

He then presented $0.233 to $0.280 as a "local demand zone". He said it last revisited the range in August 2024, when the price rebounded from $0.275 and rose to $1.32 by December 2024.

MasterAnanda said if Cardano holds the current support range, it could target $0.643 at the 0.382 Fibonacci level and $0.904 at the 0.618 level. If gains continue, he also marked $1.05 as a possible level. He mentioned a 10-times long position and allocating 5 percent of assets, and set an entry range at $0.2050 to $0.2500. He set a stop-loss if the weekly closing price falls below $0.2230, and calculated a 3,270 percent return if the target is reached.

The broader market showed a relatively stable trend. Bitcoin (BTC) slipped to $66,300 after a speech by U.S. President Donald Trump related to the Iran conflict, but is now moving around $67,000. Ethereum (ETH) recovered $2,100 before the issue emerged and held above $2,000 after the volatility.

Still, for such optimism to materialise, the key is first whether it can firmly hold the current support range. While the $0.233 to $0.280 range has previously served as a starting point for rebounds, some also say further confirmation is needed on whether it can keep acting as a buying defence line if risk-off sentiment strengthens again across the market.

Cardano's short-term direction is therefore seen at a crossroads over whether it will rebound after confirming a low or move into another test of further declines. Investors are likely to view holding the current support range as a key signal before focusing on the target price.