Cardano

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 <p>A widely followed crypto analyst says that smart contract platform Cardano (ADA) has formed a chart pattern that potentially indicates an upcoming rally.</p>
 <p>In a new thread, crypto strategist Ali Martinez tells his 44,000 followers on the social media platform X that the price of ADA could go up based on the cryptocurrency’s descending triangle chart pattern.</p>
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 <p>A descending triangle is generally considered a bearish signal as a continuation pattern in an established downtrend, but a breakout in the opposite direction known as a reversal pattern is bullish.</p>
 <p>Martinez says Cardano may surge to $0.68 once it starts moving to the upside. The crypto asset is currently trading for $0.53, up by 4.45% over the last 24 hours.</p>
 <p><em>“Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing ADA up to $0.68!”</em></p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GFy6fj2XgAAo6kt?format=jpg&amp;name=4096x4096" alt="" width="1063" height="499">
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   Source:Ali Martinez/X
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 <p>Last month, the crypto analyst and trader also said that Cardano may see gains of over 1,300% as the asset goes through a consolidation phase similar to that in 2020 which catapulted ADA to its all-time high price of over $3, an increase of more than 2,900%.</p>
 <p>According to data from the market intelligence platform IntoTheBlock, a significant percentage of Cardano investors are long-time holders of the asset.</p>
 <p><em>“23% of Cardano holders have held their ADA for more than 5 years.”</em></p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GFzqqhgWQAAHhzX?format=jpg&amp;name=large" alt="" width="1063" height="499">
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   Source: IntoTheBlock/X
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-ada-flashing-signs-of-a-potential-rally-according-to-crypto-analyst-ali-martinez-here-s-his-target-tbt79436.html">https://thebittimes.com/cardano-ada-flashing-signs-of-a-potential-rally-according-to-crypto-analyst-ali-martinez-here-s-his-target-tbt79436.html</a></p>

Cardano (ADA) Flashing Signs of a Potential Rally, According to Crypto Analyst Ali Martinez – Here’s His Target

TheBitTimes

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