Cardano, the eighth largest cryptocurrency by market value, is showing promising signals that could trigger an 80% upward movement, according to crypto analyst Ali Martinez. The analysis focuses on a specific buy signal observed on Cardano’s daily chart, particularly in response to a recent touch near the 0.618 Fibonacci retracement level.
Martinez suggests that the identified buy signal could propel Cardano’s price beyond the current resistance at $0.55. If confirmed, this movement could lead to higher targets, with projections reaching up to $0.69 and even $0.93.
An ascent to $0.93 would represent an 82% increase from current price levels. At the time of the last update, Cardano had experienced a 2.92% decline over the past 24 hours, with its price at $0.4997.
While the broader crypto market is experiencing fluctuations and a downturn in response to heightened expectations for the SEC’s decision on a spot Bitcoin ETF, Martinez remains optimistic about Cardano’s trajectory, drawing parallels with price patterns observed between 2018 and 2020. He predicts that ADA could consolidate around current levels until April, potentially indicating a revival of a bull run.
In the context of market dynamics, Cardano has seen notable inflows, with $3.7 million reported in the first week of 2024, according to the latest CoinShares report. Additionally, the Cardano wallet Lace announced its first release of 2024, Lace 1.8.1, which improves functionality and user experience by fixing an error with the signData method. The combination of past price patterns and positive inflow indicators with the buy signal presents a compelling narrative for Cardano’s future trajectory.