Cardano (ADA) Showing Signs of Potential Rally, Says Analyst Ali Martinez
Crypto analyst Ali Martinez suggests that Cardano (ADA), a smart contract platform, has formed a chart pattern that indicates a possible upcoming rally. According to Martinez, the descending triangle chart pattern could lead to a bullish reversal if the price of ADA breaks out in the opposite direction. Currently trading at $0.53, ADA may surge to $0.68 once it starts moving upward.
Consolidation Phase Could Lead to Significant Gains
Martinez previously predicted gains of over 1,300% for Cardano as it undergoes a consolidation phase similar to what happened in 2020. During that time, ADA reached its all-time high price of over $3, experiencing an increase of more than 2,900%. This suggests that long-time holders of Cardano may see significant returns on their investments.
Long-Term Holders Dominate Cardano Investor Base
Data from market intelligence platform IntoTheBlock reveals that a notable percentage of Cardano investors have held onto their ADA for more than five years. This indicates strong support and confidence in the cryptocurrency among long-term holders.
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