Renowned cryptocurrency analyst Ali Martinez suggests that Cardano (ADA), considered as the biggest smart contract platform rival to Ethereum (ETH), may be mimicking the price movement of a past market cycle and could experience a sharp rise soon. The analyst also points out that the network activity of popular altcoin Litecoin (LTC) has significantly increased.
Analyst Expects a Major Surge of Over 100% in ADA
Cryptocurrency analyst Martinez stated that disregarding the market crash caused by the COVID-19 pandemic that paralyzed the world in 2020, the current consolidation trend of ADA is eerily similar to the 2018-2020 phase. According to Martinez, if such a situation occurs, ADA’s price could surpass the $0.45 resistance in the first week of December and reach up to $0.75 by the end of that month.
The popular altcoin is currently trading at $0.372. A rally to $0.75 would represent a more than 100% increase.
Ranked 9th in terms of market capitalization, Cardano has experienced over 51% growth last month but is currently priced 88% below its all-time high of $3.09 reached in September 2021.
LTC Network Activity is Increasing Strongly
Looking at Litecoin (LTC), a peer-to-peer payment network, after ADA, analyst Martinez highlights that the altcoin’s daily activity has significantly increased this week, marking the largest increase so far. The analyst notes that over 1 million transactions were conducted on the Litecoin network on November 14th.
LTC is currently trading at $71.20. Ranked 18th in terms of market capitalization, the cryptocurrency has experienced a significant increase of over 14% since last month, despite a 4% drop in the past 24 hours.
