ADA’s Projected Breakout: Crypto Analyst’s Insights
A well-known cryptocurrency analyst has suggested that Cardano (ADA) might be following a pattern reminiscent of a previous market cycle, indicating a potential upcoming surge.
On the social media platform X, analyst Ali Martinez highlighted similarities between ADA‘s current consolidation phase and its movement between 2018 and 2020, disregarding the 2020 COVID-19-related price crash.
#Cardano's current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Martinez speculates that ADA could surpass the resistance level at $0.45 in early December if this trend continues. This upward movement might propel ADA to reach $0.75 by the end of December, marking a more than 100% increase from its current trading value of around $0.372.
ADA, currently ranked 9th by market capitalization, has observed a 51% increase in the past month. Despite this, it remains significantly down, approximately 88%, from its all-time high of $3.09 recorded in September 2021.
Martinez also noted a substantial surge in daily activity for Litecoin (LTC), a peer-to-peer payments network. LTC recently witnessed its highest spike in transactions, exceeding 1 million on a single day this week.
As of now, LTC is trading at $71.20. Although it has seen a 4% decline in the past 24 hours, its overall performance in the last month shows a positive increase of over 14%. Ranked 18th by market capitalization, LTC continues to show fluctuations in its value.