Crypto Analyst Forecasts Cardano Price Surge To $0.70 – Here’s How

Opeyemi Sule

1 year ago

3 mins read

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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.

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.

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

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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