Cardano Price Explosion: Crypto Analyst Predicts ADA Price To Hit $6
10 Gennaio 2024 - 5:00PM
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Crypto analyst Ali Martinez has predicted an outstanding long-term
price for Cardano (ADA), although subject to some downside before
the target is reached. The Cardano (ADA) price is currently
declining, down by 4.2% in the past 24 hours and 16.7% in a larger
timeframe. The crypto did manage to turn bullish for a few hours
yesterday, jumping 14.6% from a low of $0.4727 to $0.5421.
Most of this price gain has been shed off and the crypto is now
trading at $0.5079, confirming an ongoing consolidation. However,
according to crypto analyst Ali Martinez, Cardano’s current
consolidation mirrors that of its 2018-2020 phase, which is
preparing the groundwork for a strong bull run. ADA Mirroring Its
Past Performance Cryptocurrencies are known to repeat previous
price actions, giving analysts an idea of what to expect based on
the outcome of the previous performance. In this vein, a Cardano
technical analysis shared on social media platform X by Ali
Martinez indicated that ADA’s current consolidation is reminiscent
of ADA’s price action whose breakout led to a 2,980% price
surge. Related Reading: Shiba Inu Breakout To $0.001? Rumored
9.25 Trillion SHIB Token Burn Could Be The Catalyst According to
the weekly timeframe chart shared by Martinez, ADA consolidated for
665 days between 2018 to 2020 before going on a price surge to
reach $3.058, its current all-time high. If a repeat of this
pattern were to successfully play out, we might see ADA continue to
consolidate around this level until April. Consequently, a repeat
of a 2,980% price surge from the current price would put a price
target around $15. So far, #Cardano price action is echoing its
2018-2020 pattern! If this trend continues, we might see $ADA
consolidating around its current levels until April, setting the
stage for a potential resumption of the bull run.
pic.twitter.com/bMy8zrxQIp — Ali (@ali_charts) January 8, 2024 ADA
price at $0.5 | Source: ADAUSD on Tradingview.com Current State Of
Cardano Cardano went through a price surge in the last quarter of
2023, mirroring a surge in July 2020. As a result, ADA recorded a
173% gain from $0.2435 in October to a yearly high of $0.6655 in
December. However, the crypto has been on a decline since then. A
recent larger decline among altcoins has also contributed to a
further price decline. Related Reading: VanEck Announces Massive
$72 Million Bitcoin ETF Seeding As Two Tickers Appear On DTCC
Website On-chain data from IntoTheBlock shows that 47.45% of ADA
addresses are currently making a profit. Notably, an interpretation
of Martinez’s technical analysis of Cardano points to this number
stalling at least until April. For long-term believers in ADA, the
current consolidation is an opportunity to increase their holdings
for the next bull run. Cardano still remains one of the most
actively developed blockchain ecosystems, and a new report shows
that development activity has outpaced that of Ethereum and
Avalanche in the past 30 days. A continuation of this growth
coupled with a few other bullish market factors like the potential
approval of Spot Bitcoin ETFs in the US could lead to ADA going on
a sustained price surge before April. Featured image from The
Economic Times, chart from Tradingview.com
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