Ethereum Rival Cardano Poised For Brutal 24% Move, Popular Crypto Trader Opines
While Cardanos native token ADA remains 74.3% below its all-time high value of $3.09, a favorable technical pattern is taking shape. A closely followed crypto analyst has identified one pattern that could trigger an over 20% move in the price of ADA.
ADA Token Eyes 24% Move On The Horizon For ADA
In a new strategy session, Ali Martinez told his 127,700 followers on the X social media platform that Cardanos governance token may be gearing up for a 24% move. The popular trader highlighted an ascending triangle pattern on ADAs 3-hour candle chart to back his comment.
Martinez noted $0.74 and $0.83 as key levels to watch, with a strong break of either mark determining the direction of the imminent move.
ADA continued its recovery on Feb. 20, up 5.7% over the past 24 hours, to change hands above $0.8044. The uptick has helped Cardano erase almost all of its losses incurred on Feb. 18, signaling a potential shift in investor sentiment toward the layer-1 token. The upsurge came on the back of crypto giant Grayscale filing with the U.S. Securities and Exchange Commission to introduce its first standalone spot, Cardano exchange-traded fund (ETF), in the U.S. market.
Notably, a 24% jump from $0.83 would propel ADA back above the psychologically significant $1 price milestone. Contrarily, a 24% fall below $0.74 would lead to the crypto revisiting the $0.56 zone.
According to Martinezs analysis, Cardano is likely to see a move to the upside. He asserted earlier this month that the ninth-largest crypto by market cap appeared on track to climb above 83 cents, citing a bullish breakout from a descending triangle chart pattern.
Is ADA Ready For A Bull Market?
As ZyCrypto has covered previously, U.S. President Donald Trump is apparently receptive to a national digital assets stockpile with other U.S.-based cryptocurrencies such as Solana and Ripples XRP. This sparked speculation that a potential altseason was on the horizon.
However, veteran trader Peter Brandt pointed out in January that irrespective of an altcoin season, Cardano had formed a double-bottom base.
Make no doubt about it, Cardano $ADAUSD has bottomed for a grand bull market, Brandt quipped at the time.
With palpable momentum brewing in the markets, ADA could potentially be shaping up for a massive rally.
Read more: https://zycrypto.com/ethereum-rival-cardano-poised-for-brutal-24-move-popular-crypto-trader-opines/
Text source: ZyCrypto
