Cardano price has had a stop-start performance over the past week, with the bulls struggling to maintain their hold above the $0.60 price level. This comes at a period when the premier cryptocurrency, Bitcoin, has been shedding a portion of its recently-accrued gain.
Interestingly, a popular crypto analyst on X (formerly Twitter) has carried out a detailed evaluation of ADA’s recent price action, providing insight into the Cardano price performance in the near future.
Is ADA Price Set For A Rally To $0.70?
In a recent post on the X platform, prominent crypto analyst Ali Martinez has put forward a projection for the Cardano price over the coming days. As highlighted in Martinez’s chart, the ADA token appears to be trading within a descending triangle pattern on the lower timeframes.
A descending triangle is a chart pattern that is characterized by a downward upper trendline and a flatter horizontal trendline. The appearance of a descending triangle on a price chart connotes a bearish pattern for any cryptocurrency. However, this downward pattern can help signal a trend shift and potential surge in the value of an asset.
Chart showing Cardano price within a descending triangle pattern | Source: Ali_Charts/X
In his latest analysis, Martinez posited that this current chart pattern could push the ADA price in one of two ways. Notably, the crypto analyst pointed out that the Cardano price could see a bullish breakout in the near future.
In this scenario, Martinez mentioned that a sustained close above $0.638 could set the price of ADA on a bullish path. According to the crypto analyst, the altcoin’s value could jump as high as $0.70, which represents an almost 15% rise from the current price point.
However, Ali Martinez warned investors to “keep a close eye” on the horizontal trendline of the triangle chart pattern, which is marked by the $0.613 support. The crypto pundit cautioned that “any weakness at this level could dampen the ADA bullish momentum.”
Cardano Price Overview
As of this writing, the Cardano price stands at $0.6127, reflecting a 3.9% price decline in the past 24 hours. Although ADA’s bullish momentum seems to be waning, the altcoin has managed to maintain most of its profit in the past few weeks.
According to data provided by CoinGecko, ADA is up by more than 6% in the past seven days and nearly 60% in December. With a market cap of over $21.46 billion, the Cardano token is the 8th-largest asset in the cryptocurrency sector.
Cardano price pulls back towards $0.60 on the daily timeframe | Source: ADAUSDT chart on TradingView
Featured image from Solodev, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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- Source: https://www.newsbtc.com/news/cardano/crypto-analyst-forecasts-cardano-price-surge-to-0-70-heres-how/
