Cardano Whales Going Crazy On ADA Buys As Pundits Predict $4 ADA Price Explosion In 2024
On January 4th, cryptocurrency analyst Ali Martinez reported that Cardano whales have acquired over 14 million ADA tokens in the last two weeks, valued at approximately $8.4 million at the current exchange...
On January 4th, cryptocurrency analyst Ali Martinez reported that Cardano whales have acquired over 14 million ADA tokens in the last two weeks, valued at approximately $8.4 million at the current exchange rate.
These substantial purchases by high-net-worth investors are commonly interpreted as a bullish signal for the specific cryptocurrency’s price, despite Cardano experiencing a nearly 20% drop this week, reaching $0.50, following Bitcoin’s 10% pullback due to a pessimistic report on the potential approval of a spot ETF in the U.S.
However, at the moment of writing this note, ADA is trading at $0.527, having increased by 14% since yesterday’s minimum price.
Ali predicts ADA’s price increase for 2024
Cardano, one of the most innovative smart contract platforms competing with Ethereum, has had a mixed performance in recent months amid significant fluctuations, influenced by Bitcoin’s decline and the U.S. Securities and Exchange Commission’s allegations that ADA is a security.
Nevertheless, the company responsible for Cardano’s ecosystem development, Input Output Global (IOG), has repeatedly asserted that the SEC is mistaken, emphasizing that ADA is not and has never been a security under U.S. law.
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Despite IOG’s less optimistic statements about ADA, Ali Martinez maintains his prediction that ADA’s price is in a consolidation phase expected to last until mid-July 2024.
According to Martinez’s shared chart, once ADA exits this consolidation phase, the price should aim for approximately $4, marking a staggering 600% increase.
Analysts suggest a breakthrough
As reported by ZyCrypto recently, analyst LuckSide pointed out that ADA is at a critical juncture, either breaking the resistance at $0.67 and rising above $0.70, a price not reached in the last 17 months, or falling back to $0.40, which did not occur on January 3rd.
Similarly, analyst Dan Gambriello also anticipates ADA’s potential rise if it manages to break its current symmetrical triangle pattern, projecting it above $0.80.
Currently, Charles Hoskinson’s project coin is trading 81% below its historical peak, reached in August 2021. Will ADA break the downtrend and reclaim its glory days?
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