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Cardano (ADA) May Rally to $0.75 in December, Here's Potential Bullish Scenario

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Thu, 7/12/2023 - 12:58
Cardano (ADA) May Rally to $0.75 in December, Here's Potential Bullish Scenario
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Crypto analyst and trader Ali Martinez (known as @ali_charts on Twitter/X) has published a Cardano chart, explaining why he expects ADA to surge as high as $0.75 by the end of this month.

“Potential rally to $0.75 by late December”

Martinez shared an ADA/USD chart from Binance exchange to show that he expects a massive price surge to happen on it as Cardano’s native token ADA is aiming to add more than 38% to its price this month, the last one in the year 2023, in which the current bull run started.

Ali stated that at the moment the price of Cardano is repeating a trajectory resembling that which it followed three years ago (minus the downturn caused by the pandemic that broke out three years ago). Excluding that brief collapse, Cardano reached a historic peak of $0.2 by the end of 2020 and then soared to an all-time high at $3.058 after a 2,984.75% rise in all.

If this patters continues to play out, the analyst says, by the end of December, ADA can potentially reach the $0.75 level (up 71.73%) and then continue on to a historic peak of $8 in 2025.

Whales rush to accumulate billions of ADA

Over the past week, Cardano has staged an impressive rise of 22.17%, rising from $0.3698 to the $0.4518 local peak. However, growth was followed by a 3.68% decline over the last 24 hours. ADA is changing hands at $0.4347 at the time of this writing.

According to data shared by on-chain data aggregator IntoTheBlock, this ADA bull run, which started even earlier and has been going on for a few weeks already, has attracted new investors. While ADA traded between $0.368 and $0.391, these wallets accumulated 7.51 billion Cardano tokens worth $3,267,431,182, as of this writing.

Related
Michael Saylor's Bitcoin Price Factor Survey Shows Astonishing Results: Details

Cardano founder explains why Satoshi wanted to stay undercover

In a recent live stream on the X app, founder of IOG and Cardano Charles Hoskinson expressed his disappointment at Bitcoin maximalists, who keep calling every cryptocurrency made after Bitcoin a scam, including ADA.

Hoskinson also shared why the mysterious Bitcoin creator Satoshi Nakamoto decided to stay anonymous and never reveal his real name. Per Hoskinson, Nakamoto wanted to avoid legal ambiguity when issuing a currency.

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