The Cardano native token ADA showed positive performance this week as the general crypto market turns green. The price broke a strong bearish channel and held it around the $0.50 level. Currently, the token is now trading at $0.627.
According to CoinMarketCap data, there were no significant price changes today. However, the bulls were still in control over the past seven as the coin rallied by more than 11%.
Furthermore, in the last 30 days, ADA has shown a notable increase of more than 18%. This indicates a promising trend with additional gains.
Due to the recent rise in the price of Cardano (ADA), crypto analyst Ali Martinez believes that the coin will likely reach $8 in the next bull market.
Analyst Sees ADA Price Following Historical Bull Run Pattern
In a recent analysis, crypto analyst Ali revealed that Cardano’s ADA price chart shows a pattern similar to the one that preceded its massive 2021 rally. Recently, ADA broke out above a long-term sideways trading range or “parallel channel” that it had been stuck within.
The #Cardano breakout may come sooner than expected! Still, if history repeats itself, we expect $ADA to rise to $0.80, back down to $0.60, and then go on a bull run to $8 by January 2025! pic.twitter.com/HuVAxFEg9Y
— Ali (@ali_charts) February 15, 2024
In technical analysis, these channels form when an asset trades between distinct support and resistance lines. Breaks above resistance indicate that upward momentum is overwhelming the selling pressure. Ali noted that the coin also moved a certain channel between 2019 and 2020.
ADA then finally broke out, and its price rose by more than 3,200%. Now, in 2024, ADA has once again broken its channel after having fluctuated sideways for a long period.
Notably, ADA retested channel resistance before its parabolic climb in 2021, and the same happened during this breakout.
So far, ADA appears to be following its previous breakout timeline slightly. Ali believes that if the historical pattern repeats, ADA could climb to $0.80 in the coming weeks. However, there will be a brief correction to $0.60 before the coin enters a bull run to $8 by January 2025.
That would represent more than a 1,200% rally from current levels. While past performance does not guarantee future results, Ali sees reason to expect similarly dramatic gains if ADA follows the past trend.
Technical indicator points to bullish sentiment
Cardano’s ADA is trading near the upper Bollinger band around $0.58 after a strong rally. Breaking this level could be a further upside ahead. The Relative Strength Index (RSI) sits above 70, reflecting extremely bullish momentum.
When RSI enters the overbought territory, the upside usually continues short-term. This implies that buyers still have room to push prices higher before exhaustion.
ADA is also maintaining its rise above the 50-day and 200-day simple moving averages. Sitting above these key averages indicates an established uptrend. In addition, the moving average convergence divergence (MACD) reads bullish.
The MACD line remains above the signal line while the histogram shows green bars.
This indicates strong upward momentum. If ADA can close decisively above the upper Bollinger band, the next target is the minor resistance around $0.67. Further sustained breaks could reach the significant psychological barrier at $0.10, where sellers often wait.
Overall, ADA’s technical indicators suggest that ADA can maintain the rally. However, the crypto market remains volatile, so predictions can sometimes fail.
New development may help push ADA price
Cardano’s founder, Charles Hoskinson, recently shared exciting updates about the network’s progress. Hoskinson mentioned that a significant upgrade called Plutus v3 is coming with the next Chang hard fork.
Although the exact date has not been confirmed, node versions 8.8 and 8.10 will pave the way for this significant change in Q2.
Plutus v3 marks Cardano’s most extensive update, bringing significant improvements such as new cryptographic tools. These tools will help with advanced functions such as summaries and zero-knowledge proofs.
This upgrade will improve Cardano’s smart contracts, potentially increasing transactions and attracting more users.
The Cardano ecosystem snowballs as well, with a 700% increase in total value closed. These improvements could boost the price of Cardano by making it more attractive to investors and users.
However, investors looking to buy low-cap altcoin may consider this new project, Meme Kombat, making headlines.
Meme Kombat: Crypto Gaming Platform Surpasses $9 Million in Pre-Sale Finals
Meme Kombat (MK), the popular crypto gaming platform, has raised over $9 million in the final phase of its presale. The pre-sale is approaching its $10 million target, showing a lot of interest in its mix of memes and fighting game.
>>>Visit Meme Kombat Presale<<
As the team prepares for stock market listings, they gear up for further growth.
Meme Kombat stands out in the GameFi sector with its battle arena fueled by the MK token and a strike system that offers high returns. In the Meme Kombat battle arena, players can use their MK tokens to bet on fights between different meme characters.
Imagine an animated showdown between Doge and Pepe the Frog, with players betting on the outcome for extra MK Tokens. The winner of the bet will earn more MK tokens as a reward.
In addition to the arena, Meme Kombat offers a game system, which allows players to earn passive income by locking up their MK tokens.
Can’t believe we’re saying this, but $9.2 million has been raised!🔥
LFG fighters⚔️ pic.twitter.com/mRVesHZPeJ
— Meme Kombat (@Meme_Kombat) February 19, 2024
The staking protocol boasts attractive returns, which are up to 103% annually for participants. Additionally, Meme Kombat’s developers have revealed plans for an NFT collection.
While details have not been revealed, it is expected to feature unique character designs and other collectibles from the Meme Kombat universe.
To join this presale before it goes live, visit her official website and buy the token. You can now buy the token at a low rate of $0.279 using ETH, USDT or a card.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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