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Highlights
- Historical chart patterns suggest a massive rally for Cardano (ADA) ahead.
- Cardano whales are back in action by supporting 75% rally in last 41 days.
- ADA technical indicators point at a rally past $1 in near term.
Cardano’s native cryptocurrency ADA has been a notable participant in the 2024 altcoin market rally. The Cardano (ADA) price is currently trading at $0.7682, boasting a market cap of $27.2 billion. Additionally, Cardano has seen a significant surge in 24-hour trading volumes, climbing by 40% to $2 billion.
Cardano (ADA) Price Gears Up for Parabolic Rally
According to insights shared by crypto analyst Ali Martinez, Cardano ($ADA) appears to be replicating its previous bullish cycle. Martinez suggests that if this pattern persists, investors may anticipate a short-term correction before witnessing a significant uptrend toward the $10 mark for ADA. This means that the ADA price could rally another 2000% from the current levels.
Martinez’s analysis provides valuable insights for investors and enthusiasts tracking the performance of Cardano in the cryptocurrency market.
#Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes parabolic toward $10! pic.twitter.com/6kDxDhxsEg
— Ali (@ali_charts) March 4, 2024
Since late January, the Cardano (ADA) cryptocurrency has showcased a remarkable resurgence. After bottoming out at $0.444, the price has surged by 75% in just 41 days, reaching its current level of $0.783, offering a significant turnaround for investors. This opens up the gates for the ADA price to rally to $1 and beyond.
Furthermore, the recent ADA price surge comes on the backdrop of strong whale activity. According to crypto analyst Ali Martinez, the uptrend in Cardano seems robust. There has been a significant increase in daily active addresses, transaction volume, and transactions from ADA whales. This surge in activity indicates a high level of network engagement and investor interest, suggesting positive signs for sustained growth.
ADA Price Action Ahead
Cardano appears to be following an Elliot wave pattern, with the potential to surpass the crucial resistance level at $0.8 and target $0.9 in the coming weeks. The recent rebound from lows aligns with the 3rd wave of the Elliot wave theory, signaling a move toward local highs. The weekly stochastic RSI is on the rise, indicating further upward momentum, while the bullish trend is supported by the DMI as +Di & -Di levels diverge. Additionally, the ADX nearing upper resistance suggests a possible trend reversal after reaching local milestones.
Moreover, increasing volume levels suggest heightened trader activity, implying potential volatility in the near term. As prices aim for the key resistance at $0.905, some bearish pressure may lead to consolidation between $0.92 and $0.96 for a period.
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