Cardano Could Mirror Past Market Cycle and Surge 100% by December
A prominent crypto trader is forecasting that Cardano (ADA) may be copying price trends from a previous market cycle and is preparing to skyrocket soon.
The analyst Ali Martinez tells his 32,800 followers on the social platform X that ADA’s current consolidation pattern is similar to the asset’s 2018-2020 phase if the 2020 COVID-19 price crash is ignored. Based on this trend, ADA could break through the $0.45 resistance around the first week of December. This upswing could potentially propel ADA to $0.75 by late December.
If ADA reaches $0.75, it would signify a over 100% gain for the cryptocurrency, which is currently trading around $0.372.
Although ADA has increased by more than 51% in the past month, it remains 88% down from its all-time high of $3.09, which it reached in September 2021.
According to Martinez, the peer-to-peer payments network Litecoin (LTC) recently experienced its highest spike in daily activity, registering over 1 million LTC transactions in a single day.
At present, LTC is trading at $71.20. The 18th-ranked crypto asset by market cap is down 4% in the past 24 hours, but has increased by more than 14% in the past month.
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In conclusion, ADA may be gearing up for a significant rise if it follows the predicted pattern, potentially making substantial gains in the market by late December.
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