Latest Cryptocurrencies News

Cardano (ADA) Flashing Signs of a Potential Rally, According to Crypto Analyst Ali Martinez – Here’s His Target

A widely followed crypto analyst says that smart contract platform Cardano (ADA) has formed a chart pattern that potentially indicates an upcoming rally.

In a new thread, crypto strategist Ali Martinez tells his 44,000 followers on the social media platform X that the price of ADA could go up based on the cryptocurrency’s descending triangle chart pattern.

A descending triangle is generally considered a bearish signal as a continuation pattern in an established downtrend, but a breakout in the opposite direction known as a reversal pattern is bullish.

Martinez says Cardano may surge to $0.68 once it starts moving to the upside. The crypto asset is currently trading for $0.53, up by 4.45% over the last 24 hours.

“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!”

Source:Ali Martinez/X

Last month, the crypto analyst and trader also said that Cardano may see gains of over 1,300% as the asset goes through a consolidation phase similar to that in 2020 which catapulted ADA to its all-time high price of over $3, an increase of more than 2,900%.

According to data from the market intelligence platform IntoTheBlock, a significant percentage of Cardano investors are long-time holders of the asset.

“23% of Cardano holders have held their ADA for more than 5 years.”

Source: IntoTheBlock/X

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Cardano (ADA) Flashing Signs of a Potential Rally, According to Crypto Analyst Ali Martinez – Here’s His Target appeared first on The Daily Hodl.

Comments are closed.

Comodo SSL