Popular cryptocurrency analyst Ali Martinez has recently revealed that Cardano ($ADA) has been enduring a consolidation trend that “eerily mirrors” its consolidation between 2018 and 2020, which would suggest that the cryptocurrency could, in the future, surge to as much as $6.
Per Martinez, if history repeats itself, the smart contract platform’s native token ADA could “stay in this consolidation phase until July 2024, but if no black swan events are to be seen in the near future, he believes ADA could “break out as soon as December.”
In a chart accompanying the post on the microblogging platform X (formerly known as Twitter), Martinez noted that ADA could cross the $0.50 threshold before year-end, which he believes could set the stage for soaring beyond the $6 mark by the close of 2024. ADA is currently trading at around $0.24 per token.
As CryptoGlobe reported, according to blockchain analytics fir Santiment Cardano has once again ascended to the top position in development activity among significant cryptocurrency projects. The firm disclosed that Cardano has tallied 611.47 significant GitHub commits within the past 30 days, outstripping all other blockchain initiatives in this regard.
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Previously, Cardano had been outpaced by Polkadot (DOT) and its associated canary test network, Kusama (KSM). The latest figures, however, reveal that Polkadot and KSM have accumulated 500.67 GitHub commits during the same 30-day period, now jointly occupying the second place in the development activity rankings.
Martinez notably also looked at Ethereum ($ETH) the leading smart contract platform that Cardano rivals, and using a tool called the Tom DeMark (TD) Sequential indicator to spot possible price change trends he suggested there’s a signal pointing to Ethereum bouncing back to $1,630.
The analyst added, however, that if Ethereum’s price drops below $1,530, the positive outlook might not hold. Currently, Ethereum is trading at $1,580, which is quite close to the critical point Martinez mentioned.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/10/cardanos-current-consolidation-could-end-in-massive-ada-price-rally-to-6/
