- Popular altcoin Cardano (ADA) has surged more than 10% over the past few hours to $2.38.
- Ardana’s partnership with Elrond has contributed to the increase in upside pressure.
- If buy orders continue to pile up, ADA could rise to $2.83, according to analyst Ali Martinez.
Cardano looks set to enter a new uptrend after exiting the consolidation pattern fueled by strong fundamentals and increasing buying pressure.
Ali Martinez: Cardano price ready to rise! Let’s see the levels
According to the analyst, Cardano looks ready to run after breaking a significant resistance barrier. It seems that Adana’s new partnership with Elrond may have encouraged investors to return to the market. Cardano’s decentralized stablecoin hub aims to bridge EGLD between both ecosystems, making it one of the first cross-chain assets to secure stablecoins on the platform. The goal is to enable interoperable token transfers and cross-chain smart contract functionality.
As the utility of the Cardano network expands, ADA looks set to rise even higher. The fourth-largest cryptocurrency by market cap appears to have emerged from a symmetrical triangle on its four-hour chart. Although Cardano has increased by about 6% since the breakout took place, it still has more room to rise. The height of the triangle’s y-axis indicates that ADA could rise another 19% from the last high to hit a target of $2.83.
Analyst: ADA is now on the way to these levels!
Cardano’s trading history shows that it has not encountered any significant resistance that could prevent the asset from reaching its upside potential. The only significant supply region ahead is between $2.46 and $2.53, where approximately 70,000 addresses previously purchased 1.12 billion ADA. After this level is cleared, prices may rise higher, according to the analyst.
It is worth noting that Cardano is at the peak of stable support, as more than 160,000 addresses have purchased 6 billion ADA at an average price of $2.20, according to the analyst. As long as this demand barrier remains, rates are likely to continue to support the bulls. Still, a sudden drop below $2.20 could trigger panic selling, pushing prices towards $1.90.
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