Cardano Price Forecast: Analyst Eyes Massive 1,233%

• Analyst Predicts that Cardano (ADA) could stage its bullish run earlier than expected. 

• Ali Martinez had earlier predicted that ADA would continue its consolidation phase till April 2024. 

The 8th largest crypto by market cap, Cardano (ADA), had a busy week, moving to-and-fro on the price curve in an attempt to convert its close resistance price point to a support level. Its weekly gain as of press time was 9%, however, the asset has declined by 1.3% in the last 24 hours to trade at $0.588387. 

Interestingly, a popular crypto analyst Ali Martinez offers a relieving prediction, suggesting that the asset could trigger its bull run earlier than expected. According to him, ADA may rise to $0.8, retrace to $0.6, then stage a 1233% bull run to hit $8. 

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!

Cardano is reported to have surged gradually since January 23 after falling to $0.44. Later, investors pushed the asset above its daily MA 50 to hit $0.53. For now, the $0.613–$0.617 price range is reported to have been a critical resistance area since mid-January. In this case, the asset could target $0.68 after breaching this zone. From there, it could move directly to $0.8 as predicted by Ali Martinez. Interestingly, ADA could take a surprising turn if it falls below the MA 50. When this happens, the asset could witness a long liquidation which could send the price to the $0.44 support level. 

Ali Martinez’s Earlier Prediction on Cardano

Ali Martinez earlier this month observed that the current price of ADA seems to be imitating the 2020 market cycle. At that time, he predicted that the asset could remain in its consolidation phase till April 2024. It is important to know that prior to its 3,217.49 which took the price to $3, the asset underwent a consolidation phase in the late period of 2020. 

Should the patterns align and #Cardano mirrors its late 2020 price behavior, we can anticipate $ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally!

The analyst predicted that if history is anything to go by, ADA would rise by 1,767.67% after the consolidation phase to hit $7.919. The breakout could coincide with the much anticipated Bitcoin halving event which would happen at a block height of 840,000. 

Pending this breakout, Cardano’s Plutus V3 has been launched on SanchoNet and is meant to support features regarding governance and voting. In addition to supporting interoperability between blockchains, it improves the adoption rate of smart contracts. It also provides an interesting security advantage. 

Plutus enables a novel integrated approach to smart contract and distributed application development that is more convenient and safer than previous alternatives. Both the on-chain and off-chain codes are based on the same language. You use a uniform code base, which the Plutus toolchain then automatically separates into on-chain and off-chain code and packages for deployment.

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