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02/08/2024

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Top Analyst Issues Short-Term Target for Cardano, Projecting 32% Gains

A prominent crypto analyst has issued a short-term target for Cardano (ADA), aiming for a potential 32% gain from its current value. Cardano has been one of the leading assets benefiting from the unfolding...

Top Analyst Issues Short-Term Target for Cardano, Projecting 32% Gains

A prominent crypto analyst has issued a short-term target for Cardano (ADA), aiming for a potential 32% gain from its current value.

Cardano has been one of the leading assets benefiting from the unfolding breakout in the crypto market. At the time of reporting, ADA has recorded a 10% gain over the last 24 hours, putting its market value at $0.5301. 

Significantly, participants in the crypto market traded ADA tokens amounting to over half a billion dollars within the past day.

Against this notable backdrop, renowned market observer Ali Martinez has outlined a short-term target that Cardano holders can keep an eye on.

Cardano Short-term 32% Gain

In a recent update on X, Martinez highlighted the presence of a descending triangle formation on Cardano’s daily chart. He stated that if ADA achieves a sustained daily close above $0.53, it could initiate a 32% rally.

Specifically, the analyst asserted that this rally could propel Cardano back into the $0.68 range.

#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! pic.twitter.com/DoizuVPiRI

— Ali (@ali_charts) February 8, 2024

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At the time of his discourse, ADA was hovering around $0.51, with his envisioned requirement of $0.53 materializing. Whether the asset would achieve a close above this price mark remains to be seen.

Meanwhile, X user Yoahn Benie expressed confusion regarding Martinez’s bullish projection. Benie argued that a descending triangle typically indicates a downtrend, and Fibonacci levels show the extent of correction before resuming the bearish impulse. He questioned why the conclusion was drawn that the price would rise.

While the analyst is yet to clarify his position at press time, the chart accompanying his tweet suggested that ADA would be breaking out of the established bearish pattern to claim a price in the $0.68 threshold.

ADA Long-term 1,700% Gain

Meanwhile, in an earlier update, Martinez shared a long-term prospect wherein Cardano could reclaim and surpass its previous peak.

The analyst pointed out that ADA’s candlesticks have formed the exact patterns observed during the pre-bull periods of 2021.

Banking on history repeating itself, Martinez theorized that ADA could experience a comparable 287 days of bullish rise from April. He forecasted an ADA 1,767% rally to reach $7.919 by 2025.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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