Cardano Reserval Soon? What is the Future for ADA

ADA breakout is expected to be around November 18th, says Ali Martinez.
The analyst added that the market top will be witnessed in September 2025.
ADA is down 8.26% in the past month, being one of the worst performing blue chip tokens.

Cardano (ADA) could be ready for a breakout, according to crypto analyst Ali Martinez.

Martinez posted on X that ADA’s price action is similar to 2020, suggesting the cryptocurrency could turn bullish as soon as November 18th. This prediction considers ADA’s price trajectory in the previous bull run.

I believe #Cardano $ADA is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025. pic.twitter.com/GgKWBqzYXU
— Ali (@ali_charts) October 29, 2024

The analyst also predicted that ADA will skyrocket two weeks after the conclusion of the 2024 United States presidential elections and the potential market top will be witnessed by September 2025, Martinez further added.

According to the data from CoinMarketCap, ADA is trading at $0.3585, up 3.9% in the past 24 hours and has a market cap of $12.5 billion with a trading volume of $298.81 million. The cryptocurrency is down 88.45% from its all-time high of $3.10 witnessed in September 2, 2021, during the previous bull run.

It is important to note that Cardano is becoming a Bitcoin Layer 2 solution and will work to fix the network by adding features that Bitcoin currently lacks. On the other hand, the blockchain is working on several delayed upgrades like the Chang hardfork and many ADA enthusiasts have lost their patience.

Cardano is becoming a Bitcoin layer.
Listen to BOS co-founder @EdanYago explain the magnitude of this moment.
“We are looking at an entirely new phase for Bitcoin, Cardano, crypto, and finance.” pic.twitter.com/6JFEEdht8D
— BitcoinOS (@BTC_OS) October 24, 2024

ADA Price Analysis

ADA has dropped 1.99% in the past seven days and has been outperformed by its rivals in the same time period. Moreover, the cryptocurrency plunged a massive 8.26% in the past month and is only up 22.72% since October 2023, shattering investors’ expectations.

Read also :Hoskinson: Strong Evidence Chain Crucial for Blockchain Development

The Relative Strength Index (RSI) of the ADA token reads a value of 54.19 which means that the bulls are in control and the gradient of the line suggests that ADA will soon attempt to break the resistances that stand at the $0.37 and $0.41 price levels.

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Source: https://coinedition.com/is-cardano-set-for-a-bull-reversal-top-signs-to-watch-as-bitcoin-surges/