Smart contract platform Cardano (ADA) has formed a chart pattern that potentially indicates an upcoming rally, a widely respected cryptocurrency analyst said.
Crypto strategist Ali Martinez in a new thread says 44,000 followers on social media platform X said the price of ADA could rise based on the cryptocurrency’s descending triangle chart pattern.
A descending triangle is generally a continuation pattern of an established downtrend and is considered a bearish signal, while a breakout in the opposite direction, known as a reversal pattern, is a bullish signal.
Martinez said Cardano could surge to $0.68 if it starts moving upward. The cryptocurrency asset is currently trading at $0.53, up 4.45% over the last 24 hours.
“Cardano shows signs of forming a descending triangle on the daily chart. A sustained daily close above $0.53 could trigger a 32% rally, potentially pushing ADA to $0.68!”
Last month, a cryptocurrency analyst and trader said Cardano could see gains of more than 1,300% as the asset undergoes a similar consolidation phase as in 2020, with ADA rising to an all-time high above $3. More than 2,900%.
According to data from market intelligence platforms: Into the BlockA significant portion of Cardano investors are holding the asset for the long term.
“23% of Cardano holders have held ADA for more than 5 years.”
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