Cardano Its price continues to shine in the altcoin market with the increase it recorded during the day. While the price of ADA has increased by over 10% in the last 24 hours, it is trading at $0.3993 per unit. While the current growth trend in the price was reflected in the last week’s chart, it managed to erase the losses experienced in the interim and triggered a 7% increase.
Cardano’s performance so far has been driven by investor sentiment around the Bitcoin spot ETF. Analyst Ali Martinez shared his new prediction regarding the growth trends of the ADA price. According to the analyst, the foundations of the current rise are in the consolidation period. lies.
#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 #ISLAND to $0.75 by late December.
NEWS CONTINUES BELOWLooking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
NEWS CONTINUES BELOW
According to Martinez, the Cardano price trend is quite similar to what was experienced during the 2018-2020 period, just before the COVID-19 pandemic came on the scene. The analyst predicts that if the current volatility pushes ADA above the $0.45 resistance by early December, it could eventually rally towards $0.75.
If this prediction comes true, this would represent the highest price since May 2022. On the upside, this price could rise as high as $1 in the long run, which would represent a 153% increase from the current level.
Every crypto project has two unique aspects of its price movements, and this includes the technical and fundamental parts. While Martinez shows promise based on technical considerations, Cardano remains stagnant when it comes to creating innovative protocols that can drive mass adoption.
Input Output Global, the company behind the altcoin, has been at work throughout the year, from Mithril going live on the mainnet earlier in the year to the launch of Lace Wallet. The Midnight Protocol, which has now been made public, also adds to the mix, reinforcing the thesis that Cardano has everything it needs to fundamentally sustain its bullish growth forecasts.