- Cardano has been predicted to surge by 80 percent to hit $0.93 as the chart indicates a buy signal.
- Ali Martinez has also predicted that Cardano could hit $6 as the asset is moving similarly to the 2018 and 2020 patterns.
A renowned crypto analyst identified as Ali has made a profound prediction on Cardano (ADA) after investors moved in strongly to take advantage of the spot Bitcoin Exchange-Traded Fund approval. According to him, ADA could stage an 80 percent surge after the bullish sign shown in the charts gets validated. The analyst stated that the buy signal was triggered by the recent touch of the 0.618 Fibonacci retracement level. Ali predicted that there is a higher probability of the asset breaching the $0.55 resistance level when the signal holds.
Based on the current price action, the market is behaving as predicted as ADA has made a 16% surge in the last 24 hours. ADA has a bullish market sentiment with a current price of $0.593795.
Ali predicted that the asset could hit $0.69 in the near term and proceed to hit $0.93. This would represent an 82% surge.
A promising buy signal emerged on #Cardano daily chart, following a recent touch of the 0.618 Fibonacci retracement level! Should this signal hold, $ADA could break past the $0.55 resistance, potentially paving the way to higher targets at $0.69, and possibly even reaching $0.93.
Ali Martinez Says Cardano (ADA) Could Hit $6
2024 has so far been good to the crypto market as digital asset investment products recorded an inflow of $151 million in the first week of the year. Bitcoin had the lion’s share with $113 million. Cardano also had $3.7 million. At the beginning of the year, Cardano emerged as one of the top blockchains by Total Value Locked (TVL). With a TVL of $481.9 million, it ranked 12th among DeFi chains. Ethereum had the highest TVL with an 812.36 million ADA.
Another analyst, Ali Martinez, has also observed that the ADA price chart is showing similar patterns seen between 2018 and 2020. To him, ADA could set the stage for a potential resurgence in a bull run that could send the price to $6. This analysis implies that there could be a consolidation phase until April 2024. A price prediction platform has also hinted that ADA could hit $1.67 this year.
The prediction comes at a time when the general crypto market moves in an upward trajectory as Ethereum hit $2,656.95 after surging by 10% in just 24 hours. Solana also surges by 6% in the last 24 hours to hit $104.49. Polkadot surges by 17% in the last 24 hours to trade at $8.35.
The surge comes after reports emerged that the US Securities and Exchange Commission has approved the spot Bitcoin ETF applications. According to the reports, 11 applications have been approved. These include those from “BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck.”
This implies that investors could have exposure to Bitcoin without directly holding it. According to Standard Chartered, between $50 billion to $100 billion could be attracted into the market this year alone.
