Cardano is among the altcoins riding on the current bullish crypto wave that has been ignited by factors such as the greenlighting of the spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).

As a result, top market analyst Ali Martinez believes that Cardano might be laying the grounds for a breakout based on historical patterns.

He acknowledged, “The Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025.”

Source: Ali Martinez

Cardano experienced a significant bull run between November 2020 and August 2021 since it skyrocketed by over 3,200% and hit the $3 price level.

Therefore, Martinez speculates that if Cardano goes down this historical route, the ninth-largest cryptocurrency based on market value will scale heights and reach $8 after recording a surge of at least 1,700%.

Cardano was up by 22.4% in the past month to hit $0.58 at the time of writing, according to CoinGecko data.

What are the odds of Cardano hitting the psychological Price level of $1?

Given that price action is part of the game in the crypto market, questions have been continuously raised on the probability of ADA reaching the $1 price level.

Cardano needs to soar past the major resistance zone around $0.63, as this will trigger significant momentum since the next significant ceiling is at the $0.85 zone. Therefore, If this sees the light of day, ADA will be on its way to the $1 price level.

On the other hand, Cardano has been one of the altcoins making up for lost time after recently recording massive gains. 

Therefore, time will tell how Cardano plays out in the short and long term, given that promising developments like the Indigo V2 upgrade meant to boost the network’s synthetic assets ecosystem are on the horizon.

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Filed under: Bitcoin - @ February 23, 2024 6:19 pm