The cryptocurrency ace, Ali Martinez, has forecasted a bullish run for Cardano (ADA), indicating a potential rise in its value to $1. The prediction comes as the digital coin shows signs of breaking a $0.45 resistance by early December. This movement could signal the end of a consolidation period that began with Bitcoin’s decline in 2022 and was exacerbated by the collapse of Terra Luna and its stablecoin UST.
Currently, Cardano’s price lingers between $0.25 and $0.47, a loop it couldn’t break since September 2022. However, Martinez predicts a surge to $0.75 by the end of December if ADA establishes a short-term upward trend. A review of ADA’s weekly chart also reveals a similar pattern to the 2018-2020 period, suggesting potential growth.
Historically, following the pandemic crash, ADA jumped a substantial 2,984% to a peak of $3.10. However, this upper limit was not sustainable due to the fall in BTC’s value and ongoing financial crises in the U.S, leading to its current trading price of $0.3665, significantly lower than its historical peak. Martinez’s analysis thus suggests a potential doubling of ADA’s value in the upcoming weeks if his prediction holds true.
The positive forecast not only stems from the technical analysis but also from recent developments in Cardano’s adoption. The network has recorded significant activity, with Cardano having the highest movement in older ADA wallets since April 2022. Data from DefiLlama places the total count of ADA addresses close to its historical maximum of 4.46 million. The total value locked has also surpassed $262.08 million. All these markers hint towards continuous growth and potential breakthrough for Cardano.