Advertisement
AD

Main navigation

Cardano (ADA) Eyes Remarkable 1,233% Surge If This Scenario Validates

Advertisement
Fri, 16/02/2024 - 13:40
Cardano (ADA) Eyes Remarkable 1,233% Surge If This Scenario Validates
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

In a new tweet, Ali, a cryptocurrency analyst, offers a bullish proposition for the price of Cardano (ADA), the eighth-largest cryptocurrency by market value.

Advertisement

Ali believes that Cardano's breakout from its consolidation range may come earlier than expected. Ali's analysis suggests that ADA has the potential to rally by 1,233% if it validates a certain breakout scenario.

Given a scenario where history repeats itself, Ali expects ADA to rise to $0.80, retrace to $0.60 and then enter a bull run toward $8 by January 2025. A price run to $8 from current prices represents a 1,233% increase.

At the time of writing, ADA  was up 1.87% in the last 24 hours to $0.60, gaining 11% weekly.

Cardano has been steadily rebounding since Jan. 23, when it hit a low of $0.44. Buyers drove Cardano over the daily MA 50 at $0.53, which had held down the ADA price since mid-January.

Related

If the price breaks over the $0.613–$0.617 area, which has served as a barrier to the ADA price since January, ADA may aim for $0.68 before attempting to reach the $0.80 level projected by crypto analyst Ali.

Instead, if the price drops and falls below the MA 50 in one move, it may catch multiple eager buyers. This might lead to a long liquidation, resulting in a decline to the strong support level of $0.44.

Plutus v3 now live on Sanchonet

Plutus v3 is now live and being tested on SanchoNet, the test network for Cardano's fully decentralized on-chain governance mechanism, which will be deployed with CIP-1694. This is a crucial milestone in Cardano's efforts to build a more comprehensive, efficient and developer-friendly ecosystem.

Related

Plutus V3, the most recent iteration of Cardano's smart contract language, would provide significant improvements over its predecessors, improving the developer experience, streamlining smart contract adoption and boosting cross-chain interoperability.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD