Cardano

Cardano price has had a stop-start performance over the past week, with the bulls struggling to maintain their hold above the $0.60 price level. This comes at a period when the premier cryptocurrency, Bitcoin, has been shedding a portion of its recently-accrued gain.&nbsp; 
Interestingly, a popular crypto analyst on X (formerly Twitter) has carried out a detailed evaluation of ADA’s recent price action, providing insight into the <a href="https://www.newsbtc.com/news/cardano/cardano-will-rise-to-32/" target="_blank" rel="noopener ">Cardano price performance in the near future</a>.&nbsp; 
<h2 id="strong-is-ada-price-set-for-a-rally-to-0-70-strong">Is ADA Price Set For A Rally To $0.70?</h2> 
In a recent <a href="https://x.com/ali_charts/status/1735740572147515658?s=20" target="_blank" rel="noopener nofollow">post on the X</a> platform, prominent crypto analyst Ali Martinez has put forward a projection for the Cardano price over the coming days. As highlighted in Martinez’s chart, the ADA token appears to be trading within a descending triangle pattern on the lower timeframes. 
A descending triangle is a chart pattern that is characterized by a downward upper trendline and a flatter horizontal trendline. The appearance of a descending triangle on a price chart connotes a bearish pattern for any cryptocurrency. However, this downward pattern can help signal a trend shift and potential surge in the value of an asset. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-565601 size-large" src="https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=860&amp;resize=860%2C583" alt="Cardano Price" width="860" height="583" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=1200 1200w, https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=860&amp;resize=860%2C583 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/GBaWzqHWgAE7b5r.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
In his latest analysis, Martinez posited that this current chart pattern could push the ADA price in one of two ways. Notably, the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-2023-bull-run-new-target/" target="_blank" rel="noopener ">crypto analyst</a> pointed out that the Cardano price could see a bullish breakout in the near future. 
In this scenario, Martinez mentioned that a sustained close above $0.638 could set the price of ADA on a bullish path. According to the crypto analyst, the altcoin’s value could jump as high as $0.70, which represents an almost 15% rise from the current price point. 
However, Ali Martinez warned investors to “keep a close eye” on the horizontal trendline of the triangle chart pattern, which is marked by the $0.613 support. The crypto pundit cautioned that “any weakness at this level could dampen the ADA bullish momentum.” 
<h2 id="strong-cardano-price-overview-strong">Cardano Price Overview</h2> 
As of this writing, the Cardano price stands at $0.6127, reflecting a 3.9% price decline in the past 24 hours. Although ADA’s bullish momentum seems to be waning, the altcoin has managed to maintain<a href="https://www.newsbtc.com/analysis/ada/ada-price-surges-0-685/" target="_blank" rel="noopener "> most of its profit in the past few weeks</a>. 
According to <a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noopener nofollow">data provided by CoinGecko</a>, ADA is up by more than 6% in the past seven days and nearly 60% in December. With a market cap of over $21.46 billion, the Cardano token is the 8th-largest asset in the cryptocurrency sector. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/tT5Q8wpZ/" alt="Cardano Price" width="2174" height="1434">

Crypto Analyst Forecasts Cardano Price Surge To $0.70 – Here’s How

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