- Renowned crypto analyst Ali Charts predicts that Cardano (ADA) has the potential to rally by 90% to reach a new yearly high of $0.75.
- This prediction is contingent on ADA breaking through a crucial resistance level at $0.45 within the coming weeks.
In the ever-evolving realm of cryptocurrency, Cardano (ADA), a prominent altcoin, is currently in the spotlight, with renowned crypto analyst Ali Charts making a bold prediction. The forecast hinges on ADA’s ability to break through a critical resistance level, setting an ambitious yet achievable target of a 90% price increase in the weeks ahead, ultimately reaching a new yearly high of $0.75.
To embark on this ambitious journey, ADA must first surmount a significant resistance barrier situated at $0.45. This level serves as a pivotal gateway for ADA’s potential ascent towards the coveted $0.75 mark. The timeline for this rally is notably tight, with the analyst suggesting that ADA must breach this threshold by the first week of December to maintain momentum for a substantial end-of-year surge.
Drawing parallels between ADA’s current consolidation phase and its historical performance between 2018 and 2020, Ali Charts provides a valuable historical perspective to the current analysis. This comparison implies that, if ADA adheres to its past trends, investors could be in for a rewarding conclusion to the year.
Cardano’s Supporting Fundamentals
It’s essential to note that the potential rally is not solely based on technical analysis; Cardano’s robust fundamentals bolster this optimistic outlook. The Cardano ecosystem has gained recognition for its high development activity, reflecting consistent improvement and growth. Moreover, user transactions on the Cardano network have surged, with the total value locked in its DeFi protocols displaying a consistent upward trajectory.
Recent price movements of ADA have been driven by substantial buying activity from whales, signalling strong investor confidence in the asset’s future performance. At the time of writing, ADA is trading at $0.374, with a market capitalization of $13.2 billion.
Cardano’s journey towards potentially reaching $0.75 is marked by a crucial resistance level that must be surpassed in the coming weeks. With the support of both technical and fundamental factors, including ecosystem growth and significant whale activity, ADA stands at a pivotal juncture that could lead to a notable year-end rally, as envisioned by Ali Charts’ analysis.
