A widely followed crypto analyst says smart contract platform Cardano (ADA) has formed a chart pattern that may indicate an upcoming rally.
In a new thread, crypto strategist Ali Martinez tells his 44,000 followers on the social media platform
A descending triangle is generally considered a bearish signal as a continuation pattern in an established downtrend, but a breakout in the opposite direction, also called a reversal pattern, is bullish.
Martinez says Cardano could rise to $0.68 once the price goes up. The crypto asset is currently trading at $0.53, up 4.45% in the last 24 hours.
“Cardano is showing signs of a descending triangle formation on the daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing the ADA to $0.68!”
Last month, the crypto analyst and trader also said that Cardano could see gains of over 1,300% as the asset goes through a consolidation phase similar to the one in 2020, which catapulted ADA to its all-time high price of over $3, an increase of more than $3. than 2,900%.
This is evident from data from the market information platform InTheBloka significant percentage of Cardano investors have owned the asset for a long time.
“23% of Cardano holders have had their ADA for more than 5 years.”
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Generated image: Midjourney