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

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!”

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.”