Cardano Price Analysis: ADA Price To Rally 32% if This Happens

The post Cardano Price Analysis: ADA Price To Rally 32% if This Happens appeared first on Coinpedia Fintech News

Cardano (ADA) network, a leading layer-one blockchain supporting scalable smart contracts for mainstream adoption of the Web3 ecosystem, is fast evolving to onboard millions of users to the digital asset space. As a top-tier blockchain competing with Ethereum (ETH), Cardano’s ADA price has registered a notable bullish outlook amid the ongoing altcoin awakening.

Furthermore, ADA coin provides liquidity to the dozen decentralized applications (Dapps) that have locked more than $347 million through smart contracts. Meanwhile, the Cardano core developers are on the final stretch of rolling out the layer two scaling solutions – the Mithril and Hydra head.

Cardano Bulls are Well Incentivized for a Fresh Rally

Cardano (ADA) price has been forming a bullish continuation pattern on the daily time frame after being rejected at the resistance level of around 69 cents. Notably, ADA price has formed an inverted head and shoulder (H&S) pattern and a rising divergence on the daily Relative Strength Index (RSI).

Following a successful Bitcoin (BTC) upsurge above the crucial resistance level around $44.5k, ADA price is likely to mirror the breakout and rally above the daily 50 Moving Average (MA)

ADA Price Analysis

#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI

— Ali (@ali_charts) February 8, 2024

According to a popular crypto analyst, Ali Martinez, ADA price is well positioned to rally 32 percent in the coming weeks if the altcoin consistently closes above 53 cents in the coming days. Following the ADA’s 8 percent spike in the past 24 hours to trade around 53 cents, the crypto analysis highlighted that it is only a matter of time before the altcoin breaks above the falling logarithmic resistance and rallies toward 68 cents.