Cardano (ADA) Could See 80% Surge as Pattern Points to $0.70

Amid what has been a highly volatile start to the year, Cardano (ADA) could be facing an 80% surge as one pattern is pointing to a price increase to $0.70. Currently, the asset is down less than 1%, trading at $0.50 and facing a crucial resistance level, according to CoinMarketCap.

Crypto analyst Ali Martinez has highlighted one specific pattern that could have massive gains in store for the token. Moreover, he predicts an eventual climb past the $0.55 mark, with a higher upside near the $0.90 level. Alternatively, positive sentiment surrounding Spot Bitcoin ETF approvals could help propel it the rest of the way.

Cardano (ADA) could be on its way to an 80% surge according to one crypto analyst, with the price set to eye the $0.70 price in the near term

Also Read: Cardano (ADA) Price Prediction: Mid-January 2024

Cardano Could Be Catapulted More Than 80% If This Signal Rings True

Only ten days into 2024, the digital asset market has seen some interesting fluctuations. Indeed, facing massive developments in the form of pending Spot Bitcoin ETF applications, many are anxiously awaiting to see how the market shapes out throughout this week. For one asset, huge gains could be in store.

Cardano (ADA) could be on the verge of 80% gains as one pattern is siginally a climb to the $0.70 level. Specifically, crypto analyst Ali Martinez highlighted a signal emerging on the token’s daily chart. Moreover, he noted a “recent touch of the 0.618 Fibonacci retracement Level” for ADA.

A promising buy signal emerged on #Cardano daily chart, following a recent touch of the 0.618 Fibonacci retracement level!
Should this signal hold true, $ADA could break past the $0.55 resistance, potentially paving the way to higher targets at $0.69, and possibly even reaching… pic.twitter.com/t2H9IvO9Ea
— Ali (@ali_charts) January 10, 2024

Also Read: Cardano: How High Can ADA Trade In 2024?

Martinez noted that if the signal holds, the asset could be set to break through the $0.55 resistance level. From there, it would target even larger gains in terms of value. Subseuqlety, the eighth largest cryptocurrency by market cap, would be set to climb toward the $0.69 mark and eventually headed for $0.93.

Additionally, Cardano has some positive developments that could inform an impending rise. Specifically, CoinShares noted that digital asset investment products saw more than $150 million in inflows in 2024’s first week.

Moreover, $3.7 million of those were headed to Cardano. A perfect storm could be forming for Cardano. Ultimately, working to help propel the asset to heights that could certainly set the tone for 2024.