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According to this analyst, Cardano price is expected to move 24%: What you need to know
According to this analyst, Cardano price is expected to move 24%: What you need to know
February 20, 2025
Cardano ADA
According to a leading analyst, Cardano price could be on the verge of an explosive move.
In a tweet on Wednesday, February 19, prominent analyst Ali Martinez asserted that ADA is ready for a 24% move. The analyst cited an ascending triangle pattern on the asset’s 3-hour candlestick chart to support this view.
Market watchers point out that the levels to watch are $0.74 and $0.83, and a sustained break above either level will determine the direction of the change.
Specifically, a drop of 24% from the $0.74 price level would drop ADA to $0.56. On the other hand, a 24% rise from $0.83 would allow ADA to once again cross the psychologically important $1 price point.
Cardano is trading in an ascending triangle pattern on the 3-hour candlestick chart. Source: Ali Martinez
Interestingly, Martinez's recent analysis is biased toward the upside. On February 12, he had claimed that the asset looked ready to move up to the $0.83 price point, citing an upward breakout from a descending triangle chart pattern on smaller time frames.
Martinez’s recent ADA prediction comes against the backdrop of continued uncertainty facing the broader crypto market due to macroeconomic concerns. As for ADA, it has fallen by as much as 58% since the local high of $1.3278 formed in early December 2024.
Meanwhile, the asset’s recent rebound from lows is due to excitement over Grayscale’s spot exchange-traded fund filing.
At the time of writing, ADA is trading at $0.79, having gained 2.71T in the past 24 hours.
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Cardano Price Prediction
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