Cardano

April

Rise

The ADA price action of late indicates that of strong support over the $0.488 price level, as the crypto continues to perform lackluster in the past month. However, according to crypto analyst Ali Martinez, Cardano’s current price performance is somewhat of a repeat of previous price action.&nbsp; 
The analyst noted that Cardano’s price movement looks a lot like late 2020 before ADA went on a massive bull run. If history repeats itself, Cardano could be poised for another major rally that sends the price to $8. 
<h2 id="ada-price-chart-shows-similarities-to-previous-consolidation">ADA Price Chart Shows Similarities To Previous Consolidation</h2> 
Cryptocurrencies are known to repeat previous price actions, giving analysts an idea of what to expect based on the outcome of the previous performance. Given this, a Cardano technical analysis shared on social media platform X by Ali Martinez looked at the crypto’s past performance.&nbsp; 
To be more precise, the analyst noted that the current consolidation is a precursor for the bull rally that might come next. If the analysis turns out to hold, Martinez noted that ADA could consolidate until April 2024.&nbsp; 
<blockquote class="twitter-tweet"> 
 Should the patterns align and <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Cardano</a> mirrors its late 2020 price behavior, we can anticipate <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ADA</a> to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! <a href="https://t.co/xEKu1LQRRo" rel="nofollow">pic.twitter.com/xEKu1LQRRo</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1753797741472559125?ref_src=twsrc%5Etfw" rel="nofollow">February 3, 2024</a>
</blockquote> 
The last time this type of <a href="https://www.newsbtc.com/news/bitcoin/analyst-predicts-bitcoin-consolidation-eyes-long-term-price-target-of-500000/">consolidation </a>occurred, ADA would eventually break out and go on a 3,217% price surge over the next 287 days. A repeat of this phenomenon after the consolidation ends would see ADA surging close to an $8 price target in January 2025. This would represent a gain of over 1,760% from the current price level.&nbsp; 
<h2 id="current-state-of-cardano">Current State Of Cardano</h2> 
ADA’s price action points to the creation of lower highs since it reached a 2023 peak of $0.6655 on December 14, 2023. Particularly, the crypto recently got rejected around the $0.5241 price level, indicating the lack of strong buying momentum from the bulls.&nbsp; 
On-chain data from IntoTheBlock shows that 45% of ADA addresses are currently making a profit, with the recent analysis pointing to this metric remaining the same at least until April. However, there is no guarantee ADA will follow Martinez’s predicted pattern or hit his $8 target as the crypto market is notoriously volatile and difficult to predict. 
On the activity end of things, Cardano <a href="https://www.newsbtc.com/news/cardano-heats-up-transactions-break-past-4-million-as-ecosystem-thrives/">processed over 4 million transactions</a> in December and January. There has also been a 67% growth in the implementation of smart contracts on the Cardano (ADA) network, <a href="https://www.newsbtc.com/press-releases/67-increase-in-cardano-ada-smart-contracts-option2trades-o2t-road-to-200x/">according to recent reports</a>.&nbsp; 
Charles Hoskinson, the founder of Cardano, <a href="https://bitcoinist.com/cardano-bitcoin-can-never-like-ada-eth/" rel="nofollow">asserted </a>that the Cardano blockchain is significantly <a href="https://www.newsbtc.com/news/bitcoin/why-is-bitcoin-price-not-going-up-despite-etfs/">more advanced than Bitcoin</a> in terms of development, layer-2 networks, and flexibility to accommodate developers on the blockchain. 
Although Cardano is up by 2.62% in the past seven days, a larger 30-day timeframe shows the crypto down by 9.37%.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/MxlCDhMV/" alt="ADA price chart from Tradingview.com (Cardano crypto analyst)" width="3286" height="1530">

Crypto Analyst Says ADA Price Will Rise To $8, Here’s When

Table of Contents

NewsBTC

Other articles published on Feb 5, 2024

Sui (SUI) TVL surpasses $500 million, solidifying itself in the top 10 of DeFi ecosystems

No real ID? No problem, says crypto exchange OKX

Merlin Chain Secures Funding to Empower "Bitcoin-native" Innovations

Shiba Inu Price at a Pivotal Point for Potential Upsurge

Why Is Shiba Inu Coin Price Clawing Back As Altcoins Steady Bullish Theory?

Ripple News: XRPL Eyes Trillion-Dollar Tokenization Market, Boosting XRP Price

Join our free newsletter for daily crypto updates!