Cardano Breakout Of Epic Proportions: Analyst Predicts 1600% Rally To $6.5
17 Noviembre 2023 - 11:00AM
NEWSBTC
Crypto analyst Ali Martinez has noted Cardano (ADA) is open to an
unprecedented rally. Price activity suggests that Cardano is moving
into a state of consolidation, which coincides with a moderate
decline in the general cryptocurrency market. Nevertheless,
the analyst is of the opinion that Cardano’s current consolidation
is similar to one it had prior to a 2980% increase. If previous
events are any indicator, we could see Cardano mirror this move and
spike past its all-time high. Recent Cardano Price Action
Cardano is still up by 48.47% in a 30-day timeframe, but it has
lost 7.21% of its market value in the past 24 hours and is
currently trading at $0.372. According to chart analysis by Ali
Martinez, the current consolidation looks similar to the 2018-2020
consolidation phase without considering the COVID-19 crash.
Related Reading: Over 100 Million MATIC Incinerated In POLS Mint,
But The Gold Rush Is Far From Over Following the conclusion of this
phase, Cardano witnessed price surges in the first quarter of 2021,
one of which was a price surge of nearly 100% in seven days in
early February 2021. This marked the beginning of a prolonged
bullish run that drove Cardano’s price up by more than 2980% and
brought it to its current all-time high of $3.10 in September
2021. #Cardano‘s current consolidation trend eerily mirrors
the 2018-2020 phase without the COVID-19 crash! If so, $ADA could
break through the $0.45 resistance around the first week of
December. The upswing could send #ADA to $0.75 by late December.
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F — Ali
(@ali_charts) November 16, 2023 If analyst Ali Martinez is right,
Cardano is on the cusp of a massive breakout that could send the
price of ADA skyrocketing in the same manner. A look through his
price chart shared on social media estimates the price of Cardano
surging past the $6.5 level, a surge of more than 1,600%. The
journey to this price level is certainly not going to be a smooth
one. ADA is going to face major resistance at the $0.45 level,
which it has to break through to start with. This won’t be easy, as
the coin has already tried and failed to break through this barrier
in April. It did go over to reach $0.4533 on April 16, but it fell
15% to 0.383 by April 22nd. Related Reading: Dogecoin Is Literally
Going To The Moon: 100% DOGE Price Blast Expected According to the
analyst, if a strong price spike were to occur now, ADA could break
past $0.45 by the first week of December. If Cardano breaks $0.45,
the next stop would be $0.75 by late December, a 66% increase from
current levels. According to Coinmarketcap’s Fear & Greed
Index, the crypto market is now at a greed level of 71. For Cardano
to mimic the 2021 bull run, the overall crypto market sentiment
would need to maintain this very strong bullish and greed level.
Interest in altcoins would have to pick up, and Cardano’s progress
on key milestones like smart contracts and DeFi would need to drive
hype. ADA trending at $3.7 | Source: ADAUSD on Tradingview.com
Featured image from Forbes, chart from Tradingview.com
Dogecoin (COIN:DOGEUSD)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Dogecoin (COIN:DOGEUSD)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024