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.
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.
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.
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.