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

RXR.Lab Launches World’s First Blockchain Crowdfunding-Lottery Platform to Break the System: Lottery, Crowdfunding, and Real Equity in One

RXR.Lab Highlights: The world’s first crowdfunding and lottery platform RXR.Lab will be grand launched on…

13 hours ago

Ripple Price Analysis: Could XRP Maintain $2 As Its Key Support Level?

XRP continues to drift lower, with its price struggling to stay afloat above $2.15. After…

23 hours ago

Sony Electronics Singapore Now Accepts USDC Payments via Crypto.com

Sony Electronics Singapore is now accepting payments in USD Coin (USDC) on its online store,…

1 day ago

<div>Delta Exchange: Pioneering INR-Settled Crypto F&O Trading in India</div>

In the last three months of the year, trading volumes for cryptocurrencies like Bitcoin and…

3 days ago

Pi Network’s Token Sheds 75% in Three Months as Skepticism Grows

The Pi Network (PI) has plummeted over 75% in the past three months, collapsing from…

3 days ago

Chummy Tees Review Rising Trends in the Funny T-Shirt Industry

Sonora, California, 30th March 2025, ZEX PR WIRE, As humor continues to shape popular culture,…

4 days ago