- A cryptocurrency analyst predicted that ADA could break through the $0.45 resistance level by the start of December.
- ADA’s price surged 9+% in the past 24 hours, which left it trading hands at $0.3939 at press time.
- There has been an increase in media attention surrounding ADA after Steven Nerayoff named it as his “top pick in crypto.”
Well known cryptocurrency trader and analyst, Ali, shared in an X post today that Cardano’s (ADA) current consolidation mirrors the 2018-2020 phase. However, in this case, there is no Covid-19 crash.
After ADA’s 2018-2020 consolidation, the Ethereum-killer experienced a massive spike in its price, and Ali believes this could be the case yet again if history repeats itself. The analyst even predicted that ADA could break through the $0.45 resistance as soon as the first week of December.
By the end of the festive season, Ali believes ADA’s price could be as high as $0.75. Over the past 24 hours of trading, Ali’s prediction has shown some merit after ADA’s price jumped by over 9%. As a result, the altcoin was worth $0.3939 at press time, which was a new 24 hour high price.
This latest rise in ADA’s price also succeeded in flipping its weekly performance back into the green zone to +6.66%. With its market cap of $13,981,712,441, ADA was ranked as the 8th largest token by market capitalization, placing it right behind USDC and just ahead of Dogecoin (DOGE).
The altcoin’s latest price success could have been fueled by media attention gained after Steven Nerayoff, a well known Ethereum whistleblower notorious for his less than favorable opinions about Vitalik Buterin, named ADA as his top cryptocurrency pick. In a very public X post, Nerayoff accused Ethereum of copying Cardano’s ideas.
Ethereum co-founder Vitalik Buterin has recently revisited Plasma, a scaling solution introduced back in 2017. However, this did not escape the notice of the Cardano community with many stating that Plasma is just a blatant replication of Hydra, Cardano’s own Layer-2 scaling solution.
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Source: https://coinedition.com/analyst-predicts-ada-price-surge-drawing-parallels-to-2018-2020/