Ethereum

Cardano

Cryptocurrency

<div class="finbold">
 <p class="paragraph">Cardano (ADA) has been trading in one of its longest consolidation phases, which currently resembles ADA’s consolidation observed from 2018 to 2020, in anticipation of 2021’s euphoric bull market.</p>
 <div></div>
 <p class="paragraph">According to the expert crypto trader Ali Martinez on October 12, this current consolidation trend offers two possible future outcomes for Cardano:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“If history repeats, ADA could stay in this consolidation phase until July 2024. [However,] barring unforeseen events like the COVID-19 crash, ADA could <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> out as soon as December!”</p> <cite>— Ali Martinez (@ali_charts on X)</cite>
 </blockquote>
 <p class="paragraph">Notably, the 2018-2020 consolidation range for Cardano lasted 95 weeks, with a total registered volume of 88.218 billion ADA. However, the current trend is still in its 62nd week with a meaningfully lower volume of 5.025 billion ADA, 17 times lower than the previous cycle, for one-third of its time frame.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="547" src="https://cdn.thebittimes.com/images/2023/10/12/c94ecc1e058dc90f426bf7f9b51c324f.webp" alt="ADA 1-week price chart with consolidation rages and break out" class="wp-image-132352" srcset="https://cdn.thebittimes.com/images/2023/10/12/c94ecc1e058dc90f426bf7f9b51c324f.webp 1024w, https://cdn.thebittimes.com/images/2023/10/12/c94ecc1e058dc90f426bf7f9b51c324f.webp 300w, https://cdn.thebittimes.com/images/2023/10/12/c94ecc1e058dc90f426bf7f9b51c324f.webp 768w, https://cdn.thebittimes.com/images/2023/10/12/c94ecc1e058dc90f426bf7f9b51c324f.webp 1536w, https://cdn.thebittimes.com/images/2023/10/12/c94ecc1e058dc90f426bf7f9b51c324f.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ADA 1-week price chart with consolidation rages and break out. Source: <em>Ali Martinez (@ali_charts)&nbsp;</em>
  </figcaption>
 </figure>
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 <p class="paragraph">Nevertheless, Martinez believes that unless an “unforeseen event like the COVID-19 crash” takes place, ADA can <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> out of the consolidation range, seeking new highs.</p>
 <h2 class="wp-block-heading" id="h-cardano-ada-price-analysis">Cardano (ADA) price analysis</h2>
 <p class="paragraph">Meanwhile, ADA is trading at $0.24 by press time, slightly losing 0.76% intraday. When looking at the consolidation phase mentioned by Ali Martinez, Cardano has traded as high as $0.45 per token, sitting in the lower spectrum of the range. ADA has lost close to 37% of its value year-over-year, from the $0.38 price 12 months ago.</p>
 <p class="paragraph">Technically, ADA is positioned below its 200-day simple moving average, which typically indicates a bearish sentiment.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/12/714a0143795afb5a5cc5fa2987f528da.webp" alt="Cardano (ADA) 1-year price chart." class="wp-image-132353" srcset="https://cdn.thebittimes.com/images/2023/10/12/714a0143795afb5a5cc5fa2987f528da.webp 1024w, https://cdn.thebittimes.com/images/2023/10/12/714a0143795afb5a5cc5fa2987f528da.webp 300w, https://cdn.thebittimes.com/images/2023/10/12/714a0143795afb5a5cc5fa2987f528da.webp 768w, https://cdn.thebittimes.com/images/2023/10/12/714a0143795afb5a5cc5fa2987f528da.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Cardano (ADA) 1-year price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">All things considered, multiple indicators are signaling good fundamentals for the mentioned “<a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> out” from the current consolidation range. Among them, Cardano beats all crypto projects in September developer activity, as reported by Finbold on October 3.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-to-the-moon-ada-could-break-out-in-december-tbt66157.html">https://thebittimes.com/cardano-to-the-moon-ada-could-break-out-in-december-tbt66157.html</a></p>

Cardano to the moon? ADA could ‘break out’ in December

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