“Where It Should Be”: Crypto Analyst Remains Firm On $1.7 Prediction For Cardano (ADA)
April 10 2024 - 8:00PM
NEWSBTC
Investors and analysts are trying to predict Cardano’s (ADA)
price’s future performance. As the price continues to show red
numbers, a top crypto analyst considers that ADA is “right where it
should be.” Related Reading: ADA Price Ready To Soar As Cardano
Network Hits New 88.6 Million Transaction Milestone Cardano Loses
10th Spot Against Telegram’s Toncoin Cardano’s recent spotlight has
highlighted its disappointing price performance and lack of appeal
for traders. Despite its technology and strong community, the
ecosystem lacks the activity and demand of other chains like
Solana. Recently, Charles Hoskinson defended the project, stating
that “Cardano always wins,” referencing a poll ranking the best
Layer-1 networks. Moreover, Hoskinson took another jab at Solana’s
network problem after its recent transaction failure rate reached
75%. Nonetheless, on Tuesday, ADA lost its spot in the top ten
cryptocurrencies after being flipped by Toncoin (TON). According to
CoinGecko data, Cardano’s market capitalization of $20.1 billion
was surpassed by TON’s $23.3 billion market cap. As a result, ADA’s
spot as the 10th largest cryptocurrency by this metric was taken by
TON. ADA drops to be the 11th biggest cryptocurrency by market cap.
Source: CoinGecko Per CoinMarketCap data, ADA remains in the top
ten cryptocurrencies, ranking ninth on the website’s list before
being flipped. ADA Is “Where It Should Be” Last week, crypto
analyst Ali Martinez revealed that ADA’s whale activity was
“experiencing a lull.” To the analyst, whether this was a
signal of further price consolidation or a drop remained to be
seen. Some believe that TON’s overtaking of Cardano’s
place on the list highlights some of the ecosystem’s problems.
Martinez reiterated his prediction made around the time Bitcoin
registered its latest all-time high (ATH) of $73,373. At the time,
the analyst considered that ADA resembled the pattern observed from
2018 to 2021. During the period observed by Martinez, Cardano’s
token went through a long consolidation period, with the price
hovering between $0.026 and $0.082. After breaking out of this
resistance level, ADA’s price surged to $0.35 in the following
weeks before continuing its upward trajectory to its ATH of $3.09.
According to the analyst, if that fractal continued during the
following weeks, investors should “anticipate ADA consolidating in
the $0.55 to $0.80 range. This would be followed by a surge to the
$1.7 support level. After another consolidation period, the stage
would be set for the token’s price to “breakout to $5,” the analyst
considered. Almost a month later, the analyst considers that
“nothing has changed for Cardano.” Martinez reaffirmed the price
consolidation between the $0.55-$0.80 range and subsequent
breakout, as “ADA is exactly where it should be.” Despite the
analyst’s optimistic forecast, ADA’s price of $0.5762 remains 81.5%
below its 2021 ATH. At writing time, the token dropped 5.4% from
the previous day. Additionally, its performance has decreased by
3.6% and 22.3% in the weekly and monthly timeframes. However, the
token’s market activity has surged 6.6% in the last 24 hours, with
a daily trading volume of $502.1 million. Related Reading: Solana
Open Interest Drops $370 Million Amid Network Troubles, $200 Still
Possible? ADA's performance in the 1-day chart. Source: ADAUSDT on
Tradingview Featured Image from Unsplash.com, Chart from
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