Cardano

Cryptocurrency

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 <p class="paragraph">Cardano’s (ADA) DeFi ecosystem finally surged in 2023 after years of developments, promises, and awaiting. This growth fueled the demand for its native token ADA, renewing investors’ confidence and forecasts.</p>
 <p class="paragraph">Much of Cardano’s past price action was mostly speculative in future deliveries that started happening recently. Notably, the speculative nature was enough for a bull run to $3.00 in 2021, following a consolidation range breakout. With the fresh demand, ADA could be on its road to reaching $7 per token soon.</p>
 <p class="paragraph">According to the renowned cryptocurrency trader Ali Martinez, ADA surged nearly 3,000% from the 2020 breakout to all-time highs. The trader’s account <em>@ali_charts</em> shared this <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on X (formerly Twitter) on January 19.</p>
 <p class="paragraph">Moreover, Martinez sees a possible repetition of this <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> as Cardano threatens to break out of a consolidation range again. In this context, ADA could reach $7.00 by 2024-2025 if the token’s further price action mirrors the previous performance.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="666" src="https://cdn.thebittimes.com/images/2024/01/20/7ebee1231bee2d3ae90920093cc721aa.webp" alt class="wp-image-150255" srcset="https://cdn.thebittimes.com/images/2024/01/20/7ebee1231bee2d3ae90920093cc721aa.webp 1024w, https://cdn.thebittimes.com/images/2024/01/20/7ebee1231bee2d3ae90920093cc721aa.webp 300w, https://cdn.thebittimes.com/images/2024/01/20/7ebee1231bee2d3ae90920093cc721aa.webp 768w, https://cdn.thebittimes.com/images/2024/01/20/7ebee1231bee2d3ae90920093cc721aa.webp 1536w, https://cdn.thebittimes.com/images/2024/01/20/7ebee1231bee2d3ae90920093cc721aa.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   ADA/USD 3-day price chart. Source: <em>Ali Martinez (@ali_charts)</em>&nbsp;
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 <h2 class="wp-block-heading" id="h-cardano-price-analysis-on-the-road-to-7">Cardano price analysis on the road to $7</h2>
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       <h3 class="font-bold leading-6 " id="cardano-action-echoes-2018-2020-what-s-next-for-ada-price">Cardano action echoes 2018-2020; What’s next for ADA price?</h3>
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 <p class="paragraph">As of writing, Cardano is trading at $0.51 in a 664-day consolidation range, similar to 2020’s 667-day <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a>. Interestingly, Ali Martinez warned of a possible rally to $0.80, followed by a retracement to $0.60 before going higher.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Cardano’s current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see ADA resuming its upward trend around April. This <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7!”</p> <cite>– Ali Martinez (@ali_charts)&nbsp;</cite>
 </blockquote>
 <p class="paragraph">However, past performance does not guarantee future occurrences, which could be worse or better than expected. Understanding Cardano’s supply and demand dynamics is key to properly forecasting ADA investments.</p>
 <p class="paragraph">For example, Cardano currently holds the 12th position in DeFi with a $352.53 million total value locked (TVL). Despite a remarkable achievement for its ecosystem, this is relatively low compared to ADA’s $18.27 billion market cap.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="504" src="https://cdn.thebittimes.com/images/2024/01/20/26713cbd485a567e6a99f69e9dac0308.webp" alt class="wp-image-150256" srcset="https://cdn.thebittimes.com/images/2024/01/20/26713cbd485a567e6a99f69e9dac0308.webp 1024w, https://cdn.thebittimes.com/images/2024/01/20/26713cbd485a567e6a99f69e9dac0308.webp 300w, https://cdn.thebittimes.com/images/2024/01/20/26713cbd485a567e6a99f69e9dac0308.webp 768w, https://cdn.thebittimes.com/images/2024/01/20/26713cbd485a567e6a99f69e9dac0308.webp 1536w, https://cdn.thebittimes.com/images/2024/01/20/26713cbd485a567e6a99f69e9dac0308.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Top 12 DeFi chains by TVL. Source: <em>DefiLlama</em>
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 </figure>
 <p class="paragraph">Therefore, some analysts see it as an overbought indicator, weighted by the token’s usability in decentralized finance protocols. In conclusion, investors must remain cautious despite resemblances and always do their due diligence before deploying capital on cryptocurrencies.</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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-could-skyrocket-to-7-if-this-pattern-plays-out-tbt77179.html">https://thebittimes.com/cardano-could-skyrocket-to-7-if-this-pattern-plays-out-tbt77179.html</a></p>

Cardano could skyrocket to $7 if this pattern plays out

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