A widely followed crypto analyst says that smart contract platform Cardano (ADA) is forming a chart pattern that suggests an upcoming rally.
In a new thread, crypto strategist Ali Martinez To tell His 44,000 followers on social media platform X claimed that ADA's price could rise based on the cryptocurrency's descending triangle chart pattern.
A descending triangle is generally considered a bearish signal as a continuation pattern of an established downtrend, while a breakout in the opposite direction, known as a reversal pattern, is a bullish signal.
Martinez said Cardano could soar to $0.68 if it starts to move higher. The crypto asset is currently trading at $0.53, up 4.45% in the past 24 hours.
“Cardano is showing signs of descending triangle formation on the daily chart. If the daily close continues above $0.53, a 32% rally could begin and push ADA to $0.68.”
Last month, a cryptocurrency analyst and trader said Cardano could see gains in excess of 1,300% as it undergoes a consolidation phase similar to the one that pushed ADA to an all-time high of over $3 in 2020. He said that there is. More than 2,900%.
According to market intelligence platform data Into the Blocka significant percentage of Cardano investors are long-term holders of this asset.
“23% of Cardano holders have held ADA for more than 5 years.”
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