Logo
Cardano Ecosystem

Zycrypto

01/22/2024

·

26 views


Cardano’s ADA Targeting $7 In A Potential 1,400% Stratospheric Rally On This Strikingly Eventuality

History looks to be repeating itself in the Cardano (ADA) market, as a key bullish indicator could mark the start of the next parabolic price rally. According to crypto analyst-cum-trader Ali Martinez, ADA...

Cardano’s ADA Targeting $7 In A Potential 1,400% Stratospheric Rally On This Strikingly Eventuality

Cardano Whales Going Crazy On ADA Buys As Pundits Predict $4 ADA Price Explosion In 2024

History looks to be repeating itself in the Cardano (ADA) market, as a key bullish indicator could mark the start of the next parabolic price rally. According to crypto analyst-cum-trader Ali Martinez, ADA might go to as high as $7 as its new bull cycle plays out.

ADA Price Charting A Previous Bull Pattern

For the first time in over a week, Cardano ADA’s bulls are back in a commanding position in the market as the price entered positive territory today. At the time of publication, data from CoinGecko shows ADA is changing hands for $0.49, down 4.6% in the past 24 hours.

Amid lackluster market-wide performance, ADA’s fate now hangs in the balance, and the catalyst for growth lies in its historical trends.

As per trader Ali Martinez, the token is presently in a consolidation period on its three-day chart. As it turns out, ADA’s current consolidation phase is very similar to that witnessed in 2020 before its more than 2,900% bull run from around $0.10 to a lifetime high of approximately $3.09.

Martinez theorized that a repeated market structure could see ADA resume its bullish uptrend in April. The continuation of this pattern could potentially send ADA price flying, with a primary upside target at 80 cents. He, however, expects a momentary pullback to $0.60 before a rally to the coveted $7 mark.

AdvertisementCoinbase   

#Cardano's current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP

— Ali (@ali_charts) January 19, 2024

Cardano’s price had been suppressed after the U.S. Securities and Exchange Commission (SEC) lodged complaints against Binance and Coinbase in June 2023, alleging that they were operating as unregistered brokers and dealers. Each suit particularly calls Cardano a security, along with a bunch of other altcoins. However, this narrative just didn’t hold water, and U.S. Senator Cynthia Lummis even called out the SEC in November, saying the regulator cannot continue to rule by enforcement.

Cardano Overtakes Ethereum In Whale Transactions

Notably, Cardano has recently eclipsed ether (ETH) in whale transaction volumes. Data from blockchain analytics firm IntoTheBlock shows that Cardano’s 30-day volume of whale transactions significantly exceeds Ether’s.

This development comes amid reduced regulatory risks as the U.S. SEC’s overreach becomes more evident. ADA enthusiasts are now awaiting the crypto’s next significant rally. ADA would have to jump 1,400% at the current price levels to attain Martinez’s prognosed $7 target. It’s worth noting that in crypto markets, history doesn’t repeat itself, but it often rhymes.

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 Zycrypto

ORIGINAL SOURCE

https://zycrypto.com/cardanos-ada-target...

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 Zycrypto

See more
$8 Cardano Price Likely In this Bull Cycle, But ADA Could Remain in Consolidated Phase Until April 2024
Zycrypto
$8 Cardano Price Likely In this Bull Cycle, But ADA Could Remain in Consolidated Phase Until April 2024

yesterday at 7:00 PM

·

4 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)