The cryptocurrency market has experienced a notable bullish upswing in the past 24 hours. This upward trend could potentially be advantageous for Cardano (ADA), as indicated by a cryptocurrency analyst who envisions a 20% increase in its value by the conclusion of 2023. Consequently, ADA would carry this positive momentum into the new year.
Earlier this week, ADA faced an unexpected decline in its market value, experiencing a correction that led to a drop to $0.56 on Tuesday. However, there are indications that the asset may undergo a turnaround sooner rather than later. Indeed, there are forecasts suggesting that Cardano is poised to embark on a significant rally as it enters 2024.
Cardano’s Next Move: Speculating a Surge to $0.7 as 2024 Looms
The digital asset industry has witnessed a positive trend throughout the year, marking a significant contrast to the collapse and struggles that characterized the end of 2022. As 2023 approaches its conclusion, there is a prevailing sense of optimism about the overall health of the market. Amidst the increased volatility observed in various assets throughout the week, one that stands to benefit from this positive sentiment is Cardano (ADA). According to analyst Ali Martinez, there is a possibility of Cardano experiencing a 20% surge by the end of 2023.
On the 4-hour chart, #Cardano is shaping up a symmetrical triangle! The crucial point to watch is a sustained candlestick close above $0.63.
— Ali (@ali_charts) December 27, 2023
Martinez shared insights on X (formerly Twitter), highlighting Cardano’s recent price correction, which led to a decrease in its value. Specifically focusing on the four-hour chart, he pointed out the formation of a symmetrical triangle, indicating a potential significant upward movement for the asset. Martinez predicts a notable breakout, leading to a rise in Cardano’s price to the $0.78 level. In the last 24 hours, ADA demonstrated a price increase of over 7%, trading around $0.65 with intraday highs reaching $0.678 before a slight retreat. Despite the setback earlier in the week, this development paints an optimistic picture, aligning with Martinez’s forecast and suggesting a recovery from the decline on Tuesday.
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!