Amid what has been a highly volatile start to the year, Cardano (ADA) could be facing an 80% surge as one pattern is pointing to a price increase to $0.70. Currently, the asset is down less than 1%, trading at $0.50 and facing a crucial resistance level, according to CoinMarketCap.
Crypto analyst Ali Martinez has highlighted one specific pattern that could have massive gains in store for the token. Moreover, he predicts an eventual climb past the $0.55 mark, with a higher upside near the $0.90 level. Alternatively, positive sentiment surrounding Spot Bitcoin ETF approvals could help propel it the rest of the way.
Cardano Could Be Catapulted More Than 80% If This Signal Rings True
Only ten days into 2024, the digital asset market has seen some interesting fluctuations. Indeed, facing massive developments in the form of pending Spot Bitcoin ETF applications, many are anxiously awaiting to see how the market shapes out throughout this week. For one asset, huge gains could be in store.
Cardano (ADA) could be on the verge of 80% gains as one pattern is siginally a climb to the $0.70 level. Specifically, crypto analyst Ali Martinez highlighted a signal emerging on the token’s daily chart. Moreover, he noted a “recent touch of the 0.618 Fibonacci retracement Level” for ADA.
Martinez noted that if the signal holds, the asset could be set to break through the $0.55 resistance level. From there, it would target even larger gains in terms of value. Subseuqlety, the eighth largest cryptocurrency by market cap, would be set to climb toward the $0.69 mark and eventually headed for $0.93.
Additionally, Cardano has some positive developments that could inform an impending rise. Specifically, CoinShares noted that digital asset investment products saw more than $150 million in inflows in 2024’s first week.
Moreover, $3.7 million of those were headed to Cardano. A perfect storm could be forming for Cardano. Ultimately, working to help propel the asset to heights that could certainly set the tone for 2024.
