Cardano

2024

DeFi

Bitcoin

<div class="finbold">
 <p class="paragraph">The cryptocurrency market‘s total capitalization has re-visited the $2.5 trillion level, untouched since 2021. Cardano (ADA) still lags behind in performance while mirroring what could be the start of a <a rel="noopener noreferrer nofollow" title="parabolic" href="https://thebittimes.com/tag/parabolic.html">parabolic</a> move toward $10.</p>
 <p class="paragraph">On that note, the crypto trading <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> Ali Martinez shared a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on March 4, exploring this possibility. According to Martinez, Cardano’s native token, ADA:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes <a rel="noopener noreferrer nofollow" title="parabolic" href="https://thebittimes.com/tag/parabolic.html">parabolic</a> toward $10!”</p> <cite>– Ali Martinez</cite>
 </blockquote>
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 <p class="paragraph">Notably, Cardano broke out from a consolidation range in the weekly chart, as per the expert’s analysis. This same pattern happened in 2019-2020, before the remarkable rally toward $3.10 in 2021. Thus, a target of around $10 per token is on the table if ADA price mirrors its previous run.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="530" src="https://cdn.thebittimes.com/images/2024/03/05/62090de03dea05a199e93469b51d405d.webp" alt class="wp-image-158846" srcset="https://cdn.thebittimes.com/images/2024/03/05/62090de03dea05a199e93469b51d405d.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/62090de03dea05a199e93469b51d405d.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/62090de03dea05a199e93469b51d405d.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/62090de03dea05a199e93469b51d405d.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ADA/USD weekly chart on Binance. Source: <em>TradingView</em> (<em>@ali_charts</em>)
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-50-week-ema-also-supports-cardano-s-parabolic-run-to-10-nbsp">50-week EMA also supports Cardano’s parabolic run to $10&nbsp;</h2>
 <p class="paragraph">Previously, Finbold had already published a similar analysis looking at another relevant long-term technical indicator, the exponential moving average (EMA).</p>
 <p class="paragraph">In particular, we pointed out that the 50-week EMA has historical relevance for Cardano as a support and resistance. Therefore, the recent breakout could ignite a similar rally to the one following 2020’s breakout.</p>
 <p class="paragraph">The 50-week EMA could later act as a support for ADA’s correction, which Ali Martinez is also forecasting will happen.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/03/05/696f65368c497ee26a40acbfd454e9b3.webp" alt class="wp-image-158848" srcset="https://cdn.thebittimes.com/images/2024/03/05/696f65368c497ee26a40acbfd454e9b3.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/696f65368c497ee26a40acbfd454e9b3.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/696f65368c497ee26a40acbfd454e9b3.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/696f65368c497ee26a40acbfd454e9b3.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/696f65368c497ee26a40acbfd454e9b3.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ADA/USD weekly price chart. Source: <em>TradingView</em> (Finbold)
  </figcaption>
 </figure>
 <p class="paragraph">Nevertheless, the previous <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> explained that a <a rel="noopener noreferrer nofollow" title="parabolic" href="https://thebittimes.com/tag/parabolic.html">parabolic</a> run to $10 would require a superior demand than what Cardano got in 2021’s cycle. This is because ADA’s supply has increased through the token’s inflation in the past 4 years.</p>
 <p class="paragraph">Moreover, the higher capitalization it gets, the lower volatility is further expected, which means lower upside potential.</p>
 <h2 class="wp-block-heading" id="cardano-defi-ecosystem-growth">Cardano DeFi ecosystem growth</h2>
 <p class="paragraph">In this context, Cardano’s decentralized finance (DeFi) ecosystem has grown to a record size with thriving protocols. The total value locked (TVL) has reached an all-time high of nearly $500 million invested in 35 Web3 protocols. This was achieved on March 4, according to data from DefiLlama retrieved by the time of writing.</p>
 <p class="paragraph">Essentially, a growing ecosystem increases the demand for ADA, as its native token. Thereby, fueling a potential parabolic run toward $10 under a continuous surge and usage.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="372" src="https://cdn.thebittimes.com/images/2024/03/05/e30564827035c082d5ac5794e893af27.webp" alt class="wp-image-158852" srcset="https://cdn.thebittimes.com/images/2024/03/05/e30564827035c082d5ac5794e893af27.webp 1024w, https://cdn.thebittimes.com/images/2024/03/05/e30564827035c082d5ac5794e893af27.webp 300w, https://cdn.thebittimes.com/images/2024/03/05/e30564827035c082d5ac5794e893af27.webp 768w, https://cdn.thebittimes.com/images/2024/03/05/e30564827035c082d5ac5794e893af27.webp 1536w, https://cdn.thebittimes.com/images/2024/03/05/e30564827035c082d5ac5794e893af27.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Cardano DeFi and TVL. Source: <em>DefiLlama</em>
  </figcaption>
 </figure>
 <p class="paragraph">All in all, a parabolic move to $10 is possible under the right conditions for Cardano, although unlikely in the short term. However, ADA is currently dominated by a bullish sentiment supported by historical indicators. Investors must remain cautious and understand the fundamentals behind the project while deploying capital.</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>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/will-cardano-go-parabolic-toward-10-this-expert-thinks-so-tbt81654.html">https://thebittimes.com/will-cardano-go-parabolic-toward-10-this-expert-thinks-so-tbt81654.html</a></p>

Will Cardano go parabolic toward $10? This expert thinks so

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