Categories: MarketsMenafn

Cardano’s Bullish Signal: Analyst Predicts Potential 80% Price Surge

Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, is generating excitement in the crypto community.

Analysts have detected a bullish signal on its price chart, suggesting the potential for an 80% upside move. 

Crypto analyst Ali has identified a bullish buy signal followed by a recent touch of the 0.618 Fibonacci retracement level on Cardano’s daily chart.

https://twitter.com/ali_charts/status/1745049000972042651?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

Ali is optimistic about the potential for ADA to break past the $0.55 resistance, aiming for higher targets at $0.69 and potentially reaching $0.93. A move to $0.93 would signify an impressive 82% increase from the current trading price. 

The cryptocurrency market is undergoing a downturn, with Cardano’s dip attributed, in part, to market declines. The looming decision by the U.S. SEC on a Bitcoin spot ETF contributes to overall market uncertainty. 

The SEC clarified that a recent incident involving a fake statement on its social media account falsely claiming approval of Bitcoin ETFs had led to temporary market volatility.

Despite the current market challenges, Ali remains confident in ADA’s trajectory, drawing parallels with the 2018-2020 price pattern. According to the analysis, if the trend persists, ADA could consolidate around its current levels until April, potentially paving the way for a renewed bull run.

Cardano’s 2024 Momentum: Strong Inflows and Lace Wallet Update

In other developments, Cardano has seen a positive influx of funds in the early weeks of 2024.

According to a recent CoinShares report, digital asset investment products witnessed total inflows of $151 million in the first week of the year. 

Bitcoin accounted for most of these inflows, with $113 million, representing 3.2% of Assets under Management (AuM). Notably, Cardano also experienced significant inflows totaling $3.7 million.

In a separate announcement, Cardano’s lightweight wallet Lace has unveiled its first release of 2024, the Lace 1.8.1 release. This update addresses a bug related to the signData method, further enhancing the functionality and reliability of the Lace wallet.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

NodeOps Network $NODE Token Generation Event Sells Out in Minutes via Binance Wallet, Debuts Across Top Global Exchanges

Dubai, UAE, 30th June 2025, ZEX PR WIRE, NodeOps Network is thrilled to announce the…

4 hours ago

LF Labs (LF Coin) Breakout Steals Spotlight as Shiba Inu Price Targets $0.000017 Return

Dubai, UAE, 30th June 2025, ZEX PR WIRE, LF Labs (LF Coin) gained momentum today…

4 hours ago

How Leclerc & Co. Is Redefining Affordable Luxury in the Watch Industry

In a market flooded with mass-produced designs and influencer-driven hype, a new contender is emerging…

2 days ago

Arbra Unveils Tokenized Private Equity Basket with SpaceX, Ramp, and Varda on Colb

London, UK, 27th June 2025, Arbra Partners Group (“Arbra”), the global financial services company, has…

3 days ago

Calyptus Launches New AI Hiring Platform To Close the Global Productivity Gap

London, UK, 27th June 2025, ZEX PR WIRE, Calyptus, the hiring platform known for verifying…

3 days ago

Unleashing Ghostdriver by Tearline: Browser-Native AI Agent for the Seamless Web2 and Web3 Task Execution

British Virgin Islands, BVI, 26th June 2025, ZEX PR WIRE, In an era where every second…

5 days ago