Maintaining its position as the eighth largest cryptocurrency by market value, Cardano is currently showing promising signals that could trigger an impressive 80% upward movement, according to crypto analyst Ali Martinez. The analysis focuses on a specific buying signal observed in Cardano’s daily chart, particularly in response to a recent touch near the 0.618 Fibonacci retracement level.
Revealing ADA Coin’s Buying Signal and Potential Targets
According to Ali Martinez, the identified buying signal could propel Cardano’s price beyond the current resistance at $0.55. If confirmed, this movement has the potential to open doors to higher targets, with projections reaching up to $0.69 and even $0.93.
A climb to $0.93 would represent an 82% increase from current price levels. As of the latest update, Cardano has experienced a 2.92% decrease in the last 24 hours, with the price currently at $0.4997.
Market Fluctuations and External Factors
The broader cryptocurrency market is currently experiencing fluctuations and a downturn in response to rising expectations related to the U.S. Securities and Exchange Commission’s (SEC) decision on a spot Bitcoin ETF. A tweet suggesting the SEC’s approval of Bitcoin ETFs contributed to market volatility.
Despite market challenges, Ali Martinez maintains optimism about the trajectory of the cryptocurrency Cardano, drawing parallels with price patterns observed between 2018 and 2020. The analyst predicts that ADA could consolidate around current levels until April and potentially indicate a resurgence of the bull run.
Cardano Inflows and Market Dynamics
In the context of market dynamics, the altcoin Cardano saw a notable inflow of $3.7 million during the first week of 2024, as reported in the latest CoinShares report. The report highlights that digital asset investment products attracted a total of $151 million in inflows during this period.
In a separate development, the Cardano wallet Lace announced the release of its first 2024 update, Lace 1.8.1, which fixes a bug related to the signData method, providing enhanced functionality and user experience. In summary, the buying signal combined with positive inflow indicators and past price patterns presents a compelling narrative for Cardano’s future trajectory.
