Cardano’s Potential for Upside Movement
A popular crypto strategist has revised his perspective on Cardano (ADA) after significant upward movements. According to the pseudonymous analyst Rekt Capital, ADA could experience a substantial surge if it manages to maintain a crucial level during a price drop. He explains that Cardano is currently dipping into the orange level as part of the process to reach the green resistance above. If it holds at $0.51, ADA could potentially increase to $0.72. At present, Cardano is trading at $0.557, reflecting a 6.5% decline in the past 24 hours.
Altcoin Market Cap and Bitcoin’s Bull Market Progress
In addition to analyzing Cardano, Rekt Capital also suggests that the total market capitalization of altcoins (excluding the top 10 digital assets) may turn a key level into support, indicating a potential bullish trend for altcoins. Furthermore, he notes that Bitcoin is over 25% through its bull market cycle associated with halving events. The next halving event is scheduled for April 2024. Rekt Capital believes that Bitcoin may experience a significant decrease in value before soaring, similar to its price pattern prior to the 2020 halving.
Bitcoin’s Current Status
As of now, Bitcoin is trading at $41,326, showing a 5.6% decrease in the last 24 hours.
Hot Take: Analyst Predicts ADA’s Upward Momentum
Analyst Rekt Capital has updated his outlook on Cardano (ADA), anticipating potential bursts to the upside for the cryptocurrency following significant rallies. He highlights the importance of ADA holding a key level during price dips and suggests that if this level is maintained, ADA could surge to $0.72 from its current level of $0.557. Additionally, Rekt Capital analyzes the altcoin market cap and Bitcoin’s progress in its bull market cycle, emphasizing the potential for altcoins to experience a bullish trend and predicting a similar price pattern for Bitcoin as it approaches its next halving event in April 2024.
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