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The Daily Hodl

02/09/2024

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Cardano (ADA) Flashing Signs of a Potential Rally, According to Crypto Analyst Ali Martinez – Here’s His Target - The Daily Hodl

A widely followed crypto analyst says that smart contract platform Cardano (ADA) has formed a chart pattern that potentially indicates an upcoming rally. In a new thread, crypto strategist Ali Martinez tells...

Cardano (ADA) Flashing Signs of a Potential Rally, According to Crypto Analyst Ali Martinez – Here’s His Target - The Daily Hodl

A widely followed crypto analyst says that smart contract platform Cardano (ADA) has formed a chart pattern that potentially indicates an upcoming rally.

In a new thread, crypto strategist Ali Martinez tells his 44,000 followers on the social media platform X that the price of ADA could go up based on the cryptocurrency’s descending triangle chart pattern.

A descending triangle is generally considered a bearish signal as a continuation pattern in an established downtrend, but a breakout in the opposite direction known as a reversal pattern is bullish.

Martinez says Cardano may surge to $0.68 once it starts moving to the upside. The crypto asset is currently trading for $0.53, up by 4.45% over the last 24 hours.

“Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing ADA up to $0.68!”

Source:Ali Martinez/X

Last month, the crypto analyst and trader also said that Cardano may see gains of over 1,300% as the asset goes through a consolidation phase similar to that in 2020 which catapulted ADA to its all-time high price of over $3, an increase of more than 2,900%.

According to data from the market intelligence platform IntoTheBlock, a significant percentage of Cardano investors are long-time holders of the asset.

“23% of Cardano holders have held their ADA for more than 5 years.”

Source: IntoTheBlock/X

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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