Since the start of this week, the entire crypto market has been on a positive trend. In the last 24 hours, the price of BTC has increased by more than 3%, trading above $51,500.
This positive increase in BTC is having a ripple effect on altcoins like Cardano. Cardano’s daily chart shows a promising green candle, suggesting more buyers are entering the market.
However, can ADA sustain this growth and pump to $1 in the coming days? If investors could keep the flame burning and the market closes today above $0.570, ADA is likely to hit the $1 mark.
ADA is traded for $0.57, up by more than 3.6% in the last 24 hours. This means the price is growing today. But for it to reach the $1 mark, some factors need to propel the price of ADA.
Crypto Analyst’s Forecast for ADA Sparks Excitement
Popular crypto analyst Ali Martinez excited Cardano (ADA) investors due to his recent view on the coin.
Should the patterns align and #Cardano mirrors its late 2020 price behavior, we can anticipate $ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! pic.twitter.com/xEKu1LQRRo
— Ali (@ali_charts) February 3, 2024
The analyst compared how the coin is acting now to late 2020. In late 2020, ADA went from $0.096 in November to $1.3 in March the following year.
Ali Martinez’s chart shows an increase of around 1,200%. Martinez believed that ADA may be showing similar patterns presently.
As such, he predicted the coin could pump to $0.80 around April. However, the coin will have a slight correction to $0.60 before going up again. This would be about a 1,300% rise from today.
Martinez did say obstacles could impact the growth. But if ADA repeats history, it could see impressive gains.
This prediction builds anticipation that ADA could spike soon. Furthermore, in another X post, Ali Martinez said that ADA displays promising signs. That’s because it’s forming a descending triangle on its daily chart.
He added that ADA will pump high if the market closes above $0.53.
This zone is a critical level that will likely keep the price from growing. But if more buyers enter, Ali Martinez predicts that the coin will potentially reach $0.68. “Cardano faces a formidable obstacle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold approximately 2 billion $ADA,” said Ali Martinez.
Cardano Price Analysis – ADA Faces Crucial Between Bulls and Bears
Cardano recently broke out of a downward price channel it had been stuck in since December 12, 2023. This signals a shift in momentum.
A battle is unfolding between bullish and bearish traders over the next direction. Bullish traders want to see ADA prices go higher.
The recent breakout suggests they may start overpowering the bears. If buyers fully take control, ADA could stage an impressive rally. The following critical resistance level is around $0.68. Breaking above that would turn remaining sellers into buyers.
This may propel Cardano towards the significant psychological barrier of $1.
Right now, bullish signs are emerging. ADA trades higher than its 50-day and 200-day simple moving averages. These key indicators show buyers have the upper hand. The Relative Strength Index (RSI) for ADA is around 61.
This means positive momentum is building, and there is room for more upside.
Overall, Cardano appears positioned for further gains if bulls can dominate. A daily close above $0.60 and the 200-day SMA near $0.74 could confirm the start of a new uptrend. It would turn remaining doubts into buying pressure. This may let ADA ride a wave of momentum toward $1.
But still, always remember that the crypto market is not always stable. Its prices can go up and down very fast, so apply caution.
Cardano Alternative – Sponge V2
Sponge V2 is a new crypto project making waves in the industry. This project is releasing a crypto game in late 2024. This is a way for its community to earn tokens by playing the game. The game will use popular cartoons.
Visit Sponge V2 Presale
Further, Sponge V2 started a presale for people with V1 tokens and new members.
V1 holders could swap their tokens for more V2 tokens. But they had to lock up the V1 tokens to get the deal. On February 5, the transition period ended. Now, only locked V1 tokens will be swapped for V2 tokens. One crypto analyst said this is a good development.
It makes the network more secure when tokens are locked. Also, Sponge V2 recently migrated to the Polygon network. This will make transactions cheaper and faster. Plus, it lowers the risk of ERC-20 hacks.
For new buyers, getting Sponge V2 is accessible. Just visit sponge-token. Vip. There, you can buy V2 with ETH or USDT.
The presale is still ongoing. So, there is still a chance to get Sponge V2 tokens before the game launches.
Sponge V2: Anticipated Surge and Ambitious Roadmap for 2024
Sponge V2, according to several crypto experts, is expected to soar by 100 times in 2024. This surge is attributed to a new feature added to the network. Introducing a play-to-earn game is anticipated to drive demand for the $SPONGEV2 token.
In addition, the roadmap for Sponge V2 outlines ambitious plans, including launching the game, securing exchange listings, expanding the holder base, and achieving a $100 million market cap once again.
Additionally, to enhance scarcity, the team has allocated 150 billion tokens for staking rewards, encouraging long-term holding. With the proper execution of its roadmap, Sponge V2 stands a chance to explode in 2024, potentially becoming a notable meme coin.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/cardano-ada-prints-strong-green-candle-can-its-price-pump-to-1-soon/
