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!
If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
