One prominent cryptocurrency trader thinks Ethereum (ETH) rival Cardano (ADA) could surge more than 190%.
Onchain analyst Ali Martinez said Last month, 57,500 followers on social media platform
“If this fractal continues, we expect ADA to consolidate in the $0.55-$0.80 range in the coming weeks, followed by a surge to $1.70. “After this uptrend, we expect a further period of consolidation, setting the stage for a breakout of $5.”
Martinez this week updated His forecast indicated that ADA is “exactly where it needs to be” ahead of a possible breakout to $1.70.
The 11th-largest cryptocurrency asset by market capitalization is trading at $0.582 at the time of this writing, down nearly 4% over the past 24 hours and nearly 25% over the past month.
Martinez too. note Bitcoin (BTC) address indicators suggest the price of the top cryptocurrency asset could rise higher.
“Comparing support (1.4 million addresses holding 893,000 BTC between $68,220 and $70,325) and resistance (474,000 addresses holding 285,000 BTC between $70,760 and $71,200), the odds appear to be in favor of a Bitcoin bull!”
At the time of this writing, Bitcoin is trading at $69,678. The top cryptocurrency asset by market capitalization is up about 6% last week but is down about 4% over the past month.
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