Logo
Cardano Ecosystem

cryptonewsbtc

01/10/2024

·

30 views


Cardano Price Explosion: Crypto Analyst Predicts ADA Price To Hit $6

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...

Cardano Price Explosion: Crypto Analyst Predicts ADA Price To Hit $6

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. 

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

Cardano price chart from Tradingview.com

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.

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

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

AD

TapTax - Cardano Crypto Taxes Made Simple. Available Now!

Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!


Read Original Article on cryptonewsbtc

ORIGINAL SOURCE

https://www.newsbtc.com/news/cardano/car...

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.


Genius Yields DEX Launched!

More from cryptonewsbtc

See more
Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars
cryptonewsbtc
Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars

02/10/2024

·

14 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)