Crypto Analyst Forecasts Cardano Price Surge To $0.70 – Here’s How
16 December 2023 - 6:35PM
NEWSBTC
Cardano price has had a stop-start performance over the past week,
with the bulls struggling to maintain their hold above the $0.60
price level. This comes at a period when the premier
cryptocurrency, Bitcoin, has been shedding a portion of its
recently-accrued gain. Interestingly, a popular crypto
analyst on X (formerly Twitter) has carried out a detailed
evaluation of ADA’s recent price action, providing insight into the
Cardano price performance in the near future. Is ADA Price
Set For A Rally To $0.70? In a recent post on the X platform,
prominent crypto analyst Ali Martinez has put forward a projection
for the Cardano price over the coming days. As highlighted in
Martinez’s chart, the ADA token appears to be trading within a
descending triangle pattern on the lower timeframes. Related
Reading: Shiba Inu Faces Make Or A Point As Analyst Identifies
Critical Trading Pattern A descending triangle is a chart pattern
that is characterized by a downward upper trendline and a flatter
horizontal trendline. The appearance of a descending triangle on a
price chart connotes a bearish pattern for any cryptocurrency.
However, this downward pattern can help signal a trend shift and
potential surge in the value of an asset. Chart showing Cardano
price within a descending triangle pattern | Source: Ali_Charts/X
In his latest analysis, Martinez posited that this current chart
pattern could push the ADA price in one of two ways. Notably, the
crypto analyst pointed out that the Cardano price could see a
bullish breakout in the near future. In this scenario, Martinez
mentioned that a sustained close above $0.638 could set the price
of ADA on a bullish path. According to the crypto analyst, the
altcoin’s value could jump as high as $0.70, which represents an
almost 15% rise from the current price point. However, Ali Martinez
warned investors to “keep a close eye” on the horizontal trendline
of the triangle chart pattern, which is marked by the $0.613
support. The crypto pundit cautioned that “any weakness at this
level could dampen the ADA bullish momentum.” Cardano Price
Overview As of this writing, the Cardano price stands at $0.6127,
reflecting a 3.9% price decline in the past 24 hours. Although
ADA’s bullish momentum seems to be waning, the altcoin has managed
to maintain most of its profit in the past few weeks. Related
Reading: Why BONK Keeps On Rising, Price Explodes 124% Today –
Here’s The Scoop According to data provided by CoinGecko, ADA is up
by more than 6% in the past seven days and nearly 60% in December.
With a market cap of over $21.46 billion, the Cardano token is the
8th-largest asset in the cryptocurrency sector. Cardano price pulls
back towards $0.60 on the daily timeframe | Source: ADAUSDT chart
on TradingView Featured image from Solodev, chart from TradingView
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024