A popular crypto trader thinks Ethereum (ETH) rival Cardano (ADA) could be on the verge of skyrocketing by more than 190%.
The on-chain analyst Ali Martinez told his 57,500 followers on the social media platform X last month that ADA’s price movement resembled a pattern observed from 2018 to 2021.
“Should this fractal continue, anticipate ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting the stage for a breakout to $5.”
This week, Martinez updated his prediction, noting that ADA is “exactly where it should be” before a potential breakout to $1.70.
The 11th-ranked crypto asset by market cap is trading at $0.582 at time of writing and is down nearly 4% in the past 24 hours and nearly 25% in the past month.
Martinez also notes that Bitcoin’s (BTC) address metrics suggest the top crypto asset’s price could move higher.
“When you compare support (1.4 million addresses holding 893,000 BTC between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 BTC between $70,760 and $71,200), the odds appear to favor the Bitcoin bulls!”
Bitcoin is trading at $69,678 at time of writing. The top-ranked crypto asset by market cap is up nearly 6% in the past week but down around 4% in the past month.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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