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In the midst of an ongoing altcoin rally, Cardano‘s native asset ADA has emerged as a significant participant, showcasing notable price movements that have caught the attention of both investors and analysts. Currently trading at $0.7682 with a market value of $27.2 billion, ADA‘s trading volume has reached an impressive $2 billion in the last 24 hours.
Predicting a 2000% Increase
Popular cryptocurrency analyst Ali Martinez shared his latest observations on ADA’s price trajectory, suggesting that the altcoin reflects its previous upward cycle. Martinez’s analysis indicates a short-term correction followed by a significant rise, with ADA potentially climbing to the $10 level, marking a 2000% increase from current levels.
Since the end of January, ADA has shown a remarkable recovery, rising 75% in just 41 days from a low of $0.444 to the current level of $0.783. This upward momentum indicates ADA’s potential to surpass the $1 mark and continue its upward trajectory.
The recent rise in ADA’s price is reportedly supported by an increase in daily active wallet addresses, high transaction volume, and strong whale activity as indicated by transactions from large holders. This uptrend reflects high network participation and investor interest, pointing to positive expectations for sustainable growth in ADA’s price.
Continuing Its Upward Price Trajectory
Technical analysis of ADA’s price movements suggests that the altcoin is following an Elliot Wave formation and has the potential to break through key resistance levels and target new highs in the coming weeks. Factors such as the rising stochastic Relative Strength Index (RSI), divergence in the DMI’s +Di and -Di levels, and increasing volume levels indicate further upward momentum for ADA.
As ADA targets key resistance levels around $0.905, some selling pressure may lead to consolidation within a certain price range. However, the overall bullish trend, supported by technical indicators, points to ADA’s potential to maintain its upward trajectory in the short term, attracting the attention of investors seeking opportunities in the altcoin market.
