The Cardano native token ADA has shown positive performance this week as the general
crypto market turns green.The price broke a strong bearish channel, holding it around the $0.50 level.Currently, the token now trades at $0.627.
According to
CoinMarketCap data, there have not been any significant price changes today.However, the bulls have still been in control over the past seven as the coin is up by over 11%.
Further, in the last 30 days, ADA has demonstrated a noteworthy uptick of more than 18%.
This points to a promising trend with additional gains.
Due to the recent spike in the
price of Cardano (ADA), crypto analyst Ali Martinez believes the coin will likely hit $8 in the next bull market.
Analyst Sees ADA Price Following Historical Bull Run Pattern
In a recent analysis, crypto analyst Ali revealed that Cardano’s ADA price chart shows a pattern similar to the one preceding its massive 2021 rally.Recently, ADA broke out above a long-term sideways trading range or “parallel channel” it had been stuck within.
The
[#Cardano]breakout may come earlier than expected! Still, if history repeats itself, we are anticipating [$ADA]to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! [pic.twitter.com/HuVAxFEg9Y]
— Ali (@ali_charts)
[February 15, 2024]
In technical analysis, these channels form when an asset trades between clear support and resistance lines.Breakouts above resistance indicate that upside momentum is overpowering selling pressure.Ali observed that the coin also moved a particular channel between 2019 and 2020.
ADA eventually burst out back then, and its price spiked by over 3,200%.
Now, in 2024, ADA again broke its channel after ranging sideways for an extended period.
Notably, ADA retested channel resistance before its parabolic 2021 climb, and the same happened during this breakout.
So far, ADA appears to be following its previous breakout timeline slightly.Ali believes that if the historical pattern repeats, ADA could climb to $0.80 in the coming weeks.However, there will be a brief correction to $0.60 before the coin will enter a bull run towards $8 by January 2025.
That would represent over a 1,200% rally from current levels.Though past performance doesn’t guarantee future results, Ali sees reason to anticipate similar dramatic gains if ADA follows the prior trend.
Technical Indicator Points at Bullish Sentiment
Cardano’s ADA trades near the upper Bollinger band around $0.58 after a strong rally.
Breaking this level may signal further upside ahead.The Relative Strength Index (RSI) sits above 70, reflecting extreme bullish momentum.
When RSI enters the overbought territory, the upside usually continues short term.This implies buyers still have some room to push prices higher before exhaustion.
ADA also sustains its rise above the 50-day and 200-day simple moving averages.Sitting above these key averages indicates an established uptrend.
Additionally, the Moving Average Convergence Divergence (MACD) reads bullish.
The MACD line stays above the signal line while the histogram shows green bars.
This points to strong upside momentum.If ADA can close decisively above the upper Bollinger band, the next target is the minor resistance around $0.67.
Further sustained breaks may reach the significant psychological barrier at $0.10, where sellers often wait.
Overall, ADA’s technical indicators suggest ADA could retain the rally.However, the crypto market remains volatile, so predictions may sometimes fail.
New Development May Help Push ADA Price
Cardano’s founder, Charles Hoskinson, recently
shared exciting updates about the network’s progress.Hoskinson mentioned that a significant upgrade called Plutus v3 is on the way with the next Chang hard fork.
Although the exact date isn’t confirmed, node versions 8.8 and 8.10 will pave the path for this significant change in Q2.
Plutus v3 marks Cardano’s most extensive update, bringing significant improvements like new cryptographic tools.These tools will help with advanced functions such as rollups and zero-knowledge proofs.
This upgrade will improve Cardano’s smart contracts, potentially increasing transactions and attracting more users.
The Cardano ecosystem also snowballs, with a 700% rise in total value locked.These improvements could boost the price of Cardano by making it more attractive to investors and users alike.
However, investors who want to buy low-cap altcoin might consider this new project, Meme Kombat, making headlines.
Meme Kombat: Crypto Gaming Platform Surpasses $9M in Presale Finale
Meme Kombat (MK), the popular crypto-gaming platform, gathered more than $9 million in the last phase of its presale.The presale is nearing its target of $10 million, showing much interest in its blend of memes and fighting gameplay.
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