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Home»ALTCOIN NEWS»According to cryptocurrency analysts, Cardano could witness a rise of over 20% if it breaches the 2,000,000,000 ADA supply level.
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According to cryptocurrency analysts, Cardano could witness a rise of over 20% if it breaches the 2,000,000,000 ADA supply level.

By Crypto FlexsFebruary 14, 20242 Mins Read
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According to cryptocurrency analysts, Cardano could witness a rise of over 20% if it breaches the 2,000,000,000 ADA supply level.
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Ethereum (ETH) rival Cardano (ADA) could soar by more than 20% if it clearly breaks through a key supply level, according to a prominent cryptocurrency trader.

Cryptocurrency analyst Ali Martinez says Nearly 45,000 followers on social media platform

According to Martinez, nearly 50,000 addresses purchased about 2 billion ADA between these price ranges, suggesting that holders could sell their Cardano assets to get out at a break-even price.

However, traders note that Cardano could see an upside if the ADA bulls clear the bulk supply levels.

“Overcoming this resistance could lead to a bullish move towards $0.68!”

Source: Ali Martinez/X

ADA is trading around $0.558 at the time of this writing. The ninth-largest cryptocurrency asset by market capitalization is up more than 3% in the last 24 hours.

Last week, Martinez predicted that 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 says:

“A daily close above $0.53 could trigger a 32% rally, potentially $ADA Up to $0.68!”

video
source: Ali Martinez/X

Martinez also noted that top memecoin Dogecoin (DOGE) has seen a decrease in trading volume and number of whale trades, which generally indicates low trading activity.

“This could be a sign that interest in or trust in DOGE is decreasing, leading to fewer people buying, selling or transferring DOGE!”

video
source: Ali Martinez/X

As of this writing, DOGE is worth $0.082.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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