Cryptocurrency analyst Ali Martinez has pointed out that the current consolidation trend of Cardano suggests that ADA could break the $0.45 resistance around the first week of December.
Martinez explained that the current movement of ADA could mark the end of the consolidation period that emerged after the fall of Bitcoin and in 2022 due to the collapse of Terra Luna and its stablecoin UST.
#Cardano's current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Where is the price of Cardano (ADA) heading?
According to Martinez, if ADA establishes a short-term bullish trend, it could reach $0.75 by the end of December as it heads to the $1 price. Currently, ADA remains in a price range between $0.25 and $0.47, which it has been unable to surpass since September 2022.
Similarly, Martinez highlighted that ADA’s weekly chart shows consolidation similar to the period of 2018-2020 without the crisis, which caused a significant drop in all financial markets, leading ADA to lows of approximately $0.015.
However, after the pandemic Crash, ADA increased by 2,984% to a maximum of $3.10, a price it couldn’t sustain for long due to the fall of BTC and the rampant financial crisis in the U.S., which continues to wreak havoc this day.
If Martinez’s projection comes right, ADA could double its current value in a few weeks. At the time of writing this note, the price of ADA is trading at $0.3665, 88% below its historical maximum.
Cardano’s adoption remains unstoppable amid the crypto winter
As reported by ZyCrypto, the rise of Cardano (ADA) is accompanied by various positive news about the project and increased adoption. Recently, Santiment reported that Cardano recorded the highest movement in old ADA wallets since April 2022.
According to DefiLlama data, the total number of addresses with ADA is very close to its historical maximum of 4.46 million. The count of active addresses and transaction volume has also increased, while the total value locked (TVL) has surpassed $262.08 million, a level not seen since March 2022.
Therefore, both technical analysis and on-chain indicators point to continuous growth for Cardano in the coming months.
Will ADA be able to break the streak it has been experiencing since 2022?
