Cardano is expected to experience a significant surge of 80 percent, reaching $0.93, as indicated by the chart’s buy signal. Ali Martinez, a well-known crypto analyst, has made a prediction that Cardano could even reach $6, as it is following similar patterns to those seen in 2018 and 2020.
Ali, the renowned analyst, has made a bold prediction about Cardano (ADA) after observing a strong influx of investors taking advantage of the spot Bitcoin Exchange-Traded Fund approval. According to Ali, ADA could potentially surge by 80 percent once the bullish sign on the charts is confirmed. He explains that the buy signal was triggered by the recent touch of the 0.618 Fibonacci retracement level. Ali predicts that there is a high likelihood of ADA breaking the $0.55 resistance level if the signal holds.
The current price action aligns with the predicted behavior, as ADA has already surged by 16% in the past 24 hours. The market sentiment for ADA is bullish, with its current price standing at $0.593795. Ali’s prediction suggests that ADA could reach $0.69 in the near term, with a potential surge of 82%. Furthermore, it could even hit $0.93.
A promising buy signal has emerged on the daily chart for #Cardano, following the recent touch of the 0.618 Fibonacci retracement level! If this signal proves to be valid, ADA has the potential to surpass the $0.55 resistance level, opening up the possibility of higher targets at $0.69, and potentially even reaching $0.93.
In addition, Ali Martinez believes that Cardano (ADA) has the potential to reach $6. This observation comes as the crypto market has seen a significant inflow of $151 million into digital asset investment products in the first week of 2024. Bitcoin received the majority share with $113 million, while Cardano received $3.7 million. At the beginning of the year, Cardano emerged as one of the top blockchains in terms of Total Value Locked (TVL), ranking 12th among DeFi chains with a TVL of $481.9 million. Ethereum had the highest TVL with 812.36 million ADA.
Another analyst, Ali Martinez, has also noticed similarities in the ADA price chart between 2018 and 2020. He believes that ADA could pave the way for a potential bull run that could drive the price to $6. This analysis suggests that there may be a consolidation phase until April 2024. A price prediction platform has also suggested that ADA could reach $1.67 this year.
These predictions come at a time when the overall crypto market is on an upward trajectory, with Ethereum reaching $2,656.95 after a 10% surge in just 24 hours. Solana has also surged by 6% in the past 24 hours, reaching $104.49, while Polkadot has surged by 17% to trade at $8.35.
This surge follows reports of the US Securities and Exchange Commission approving spot Bitcoin ETF applications. In total, 11 applications have been approved, including those from “BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck.” This development means that investors can gain exposure to Bitcoin without directly holding it. Standard Chartered estimates that between $50 billion to $100 billion could flow into the market this year alone.