Cardano Price Poised To Rally 650% By July 2024: Crypto Analyst

Jake Simmons

1 year ago

2 mins read

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According to crypto analyst Ali Martinez, Cardano (ADA) is exhibiting a price consolidation pattern that is highly bullish. Drawing parallels to the consolidation phase of 2018-2020, Martinez points out that ADA’s current trend is a mirror image, albeit without the disastrous COVID-19 crash.

“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,” Martinez shared in a recent post on X.

The one-week chart for ADA/USD indicates a prolonged consolidation phase spanning 665 days until July 2020, after which ADA experienced a 2,984% rally, peaking at $3.058. A significant aspect of this ascent was the retest of the upper consolidation box line, which took several months from summer 2020 to early 2021. Interestingly, after dipping back into the consolidation box, ADA initiated a second breakout that led to the massive bull run.

Cardano mirrors the 2018-2020 phase — Cardano mirrors the 2018-2021 phase, 1-week chart ADA/USD | Source: X @ali_charts

Cardano Poised For 650% Rally Till July?

Martinez’s analysis suggests that ADA could be on the brink of its first breakout from its current consolidation range of sub-$0.25 to $0.45, which has lasted for 434 days. He outlines two possible trajectories for ADA’s price in the forthcoming period, using a gray and a blue line in his chart.

The more bullish scenario (gray line) anticipates a breakout above the consolidation zone that could catapult ADA to $0.75 by the end of December, assuming it surpasses the crucial resistance at $0.45. Following the historic pattern, a retest of the breakout mark could occur over several months.

This could potentially set the stage for an explosive rally beginning in early summer 2024, leading ADA to climb approximately 650% from its present value and surge past the $3 mark. However, Martinez does not see this as the zenith of ADA’s potential growth. The gray line suggests a continued upward movement, with ADA possibly reaching $6.50 before the closure of 2024.

The second, more conservative scenario (blue line) posits that the Cardano price consolidation may extend until July 2024, with potential dips below $0.25 if a market crash akin to the COVID-19 downturn occurs. In this case, a breakout towards $0.75 would be expected around July, followed by a retest at $0.45 by the end of 2024, eventually propelling ADA towards the $3 threshold by mid-2025.

Short-Term Price Analysis

On the lower time frames, ADA is currently making strong moves. The price has successfully retested the 0.5 Fibonacci retracement level ($0.341) and soared above the 0.618 Fibonacci retracement level ($0.37). In the first attempt, ADA failed at the 0.786 Fibonacci retracement level ($0.0.411). However, if this resistance is broken, the door to the yearly high at $0.463 is clearly open.

Cardano price — ADA price breaks above the 0.618 Fib, 1-day chart | Source: ADAUSD on TradingView.com

Featured image from iStock, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

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