Cardano (ADA), a rival to Ethereum (ETH), could experience a significant surge of over 190%, according to a prominent crypto trader. Ali Martinez, an on-chain analyst, shared his insights on social media, comparing ADA’s price movement to a pattern observed between 2018 and 2021. He predicts that ADA will consolidate in the $0.55 to $0.80 range in the coming weeks before skyrocketing to $1.70. Martinez also suggests that after this surge, ADA will go through a period of consolidation, setting the stage for a breakout to $5.
In an update to his prediction, Martinez states that ADA is currently in the right position for a potential breakout to $1.70. At present, ADA is trading at $0.582, experiencing a decrease of nearly 4% in the past 24 hours and almost 25% in the past month.
Martinez also examines Bitcoin’s address metrics, indicating that the top crypto asset’s price may increase. By comparing support (1.4 million addresses holding 893,000 BTC between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 BTC between $70,760 and $71,200), Martinez suggests that the odds favor the Bitcoin bulls.
Bitcoin is currently trading at $69,678, showing a weekly increase of nearly 6% but a monthly decrease of around 4%.
As always, it is essential for investors to conduct their own research and due diligence before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not provide investment advice or act as an investment advisor.
