{"id":573367,"date":"2024-02-05T18:00:36","date_gmt":"2024-02-05T18:00:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573367"},"modified":"2024-02-05T10:59:15","modified_gmt":"2024-02-05T10:59:15","slug":"ada-price-will-rise-to-8","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/ada-price-will-rise-to-8\/","title":{"rendered":"Crypto Analyst Says ADA Price Will Rise To $8, Here\u2019s When"},"content":{"rendered":"

The ADA price action of late indicates that of strong support over the $0.488 price level, as the crypto continues to perform lackluster in the past month. However, according to crypto analyst Ali Martinez, Cardano’s current price performance is somewhat of a repeat of previous price action.\u00a0<\/span><\/p>\n

The analyst noted that Cardano’s price movement looks a lot like late 2020 before ADA went on a massive bull run. If history repeats itself, Cardano could be poised for another major rally that sends the price to $8.<\/span><\/p>\n

ADA Price Chart Shows Similarities To Previous Consolidation<\/h2>\n

Cryptocurrencies are known to repeat previous price actions, giving analysts an idea of what to expect based on the outcome of the previous performance. Given this, a Cardano technical analysis shared on social media platform X by Ali Martinez looked at the crypto’s past performance.\u00a0<\/span><\/p>\n

Related Reading: Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High?<\/a><\/div>\n

To be more precise, the analyst noted that the current consolidation is a precursor for the bull rally that might come next. If the analysis turns out to hold, Martinez noted that ADA could consolidate until April 2024.\u00a0<\/span><\/p>\n

\n

Should the patterns align and #Cardano<\/a> mirrors its late 2020 price behavior, we can anticipate $ADA<\/a> to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! pic.twitter.com\/xEKu1LQRRo<\/a><\/p>\n

\u2014 Ali (@ali_charts) February 3, 2024<\/a><\/p><\/blockquote>\n

The last time this type of <\/span>consolidation <\/span><\/a>occurred, ADA would eventually break out and go on a 3,217% price surge over the next 287 days. A repeat of this phenomenon after the consolidation ends would see ADA surging close to an $8 price target in January 2025. This would represent a gain of over 1,760% from the current price level.\u00a0<\/span><\/p>\n

Current State Of Cardano<\/h2>\n

ADA’s price action points to the creation of lower highs since it reached a 2023 peak of $0.6655 on December 14, 2023. Particularly, the crypto recently got rejected around the $0.5241 price level, indicating the lack of strong buying momentum from the bulls.\u00a0<\/span><\/p>\n

On-chain data from IntoTheBlock shows that 45% of ADA addresses are currently making a profit, with the recent analysis pointing to this metric remaining the same at least until April. However, there is no guarantee ADA will follow Martinez’s predicted pattern or hit his $8 target as the crypto market is notoriously volatile and difficult to predict.<\/span><\/p>\n

Related Reading: Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months<\/a><\/div>\n

On the activity end of things, Cardano <\/span>processed over 4 million transactions<\/span><\/a> in December and January. There has also been a 67% growth in the implementation of smart contracts on the Cardano (ADA) network, <\/span>according to recent reports<\/span><\/a>.\u00a0<\/span><\/p>\n

Charles Hoskinson, the founder of Cardano, <\/span>asserted <\/span><\/a>that the Cardano blockchain is significantly <\/span>more advanced than Bitcoin<\/span><\/a> in terms of development, layer-2 networks, and flexibility to accommodate developers on the blockchain.<\/span><\/p>\n

Although Cardano is up by 2.62% in the past seven days, a larger 30-day timeframe shows the crypto down by 9.37%.\u00a0<\/span><\/p>\n

\"ADA<\/p>\n

ADA price reaches $0.5 once more | Source: ADAUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CoinMarketCap, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The ADA price action of late indicates that of strong support over the $0.488 price level, as the crypto continues to perform lackluster in the past month. However, according to crypto analyst Ali Martinez, Cardano’s current price performance is somewhat of a repeat of previous price action.\u00a0 The analyst noted that Cardano’s price movement looks a lot like late 2020 before ADA went on a massive bull run. If history repeats itself, Cardano could be poised for another major rally that sends the price to $8. ADA Price Chart Shows Similarities To Previous Consolidation Cryptocurrencies are known to repeat previous price actions, giving analysts an idea of what to expect based on the outcome of the previous performance. Given this, a Cardano technical analysis shared on social media platform X by Ali Martinez looked at the crypto’s past performance.\u00a0 Related Reading: Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High? To be more precise, the analyst noted that the current consolidation is a precursor for the bull rally that might come next. If the analysis turns out to hold, Martinez noted that ADA could consolidate until April 2024.\u00a0 Should the patterns align and #Cardano mirrors its late 2020 price behavior, we can anticipate $ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! pic.twitter.com\/xEKu1LQRRo \u2014 Ali (@ali_charts) February 3, 2024 The last time this type of consolidation occurred, ADA would eventually break out and go on a 3,217% price surge over the next 287 days. A repeat of this phenomenon after the consolidation ends would see ADA surging close to an $8 price target in January 2025. This would represent a gain of over 1,760% from the current price level.\u00a0 Current State Of Cardano ADA’s price action points to the creation of lower highs since it reached a 2023 peak of $0.6655 on December 14, 2023. Particularly, the crypto recently got rejected around the $0.5241 price level, indicating the lack of strong buying momentum from the bulls.\u00a0 On-chain data from IntoTheBlock shows that 45% of ADA addresses are currently making a profit, with the recent analysis pointing to this metric remaining the same at least until April. However, there is no guarantee ADA will follow Martinez’s predicted pattern or hit his $8 target as the crypto market is notoriously volatile and difficult to predict. Related Reading: Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months On the activity end of things, Cardano processed over 4 million transactions in December and January. There has also been a 67% growth in the implementation of smart contracts on the Cardano (ADA) network, according to recent reports.\u00a0 Charles Hoskinson, the founder of Cardano, asserted that the Cardano blockchain is significantly more advanced than Bitcoin in terms of development, layer-2 networks, and flexibility to accommodate developers on the blockchain. Although Cardano is up by 2.62% in the past seven days, a larger 30-day timeframe shows the crypto down by 9.37%.\u00a0 ADA price reaches $0.5 once more | Source: ADAUSD on Tradingview.com Featured image from CoinMarketCap, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":573388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,167,12332,89230,12329,16230,6664,26263,14690],"class_list":["post-573367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-analyst","tag-cardano","tag-cardano-news","tag-cardano-price","tag-cardano-price-prediction","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nCrypto 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Says ADA Price Will Rise To $8, Here\u2019s When","url":"http:\/\/uniquehot.com\/news\/cardano\/ada-price-will-rise-to-8\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/cardano\/ada-price-will-rise-to-8\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/ADA-Price.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/ADA-Price.jpeg?fit=730%2C411"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","ada news","ada price","adausd","adausdt","analyst","cardano","cardano news","cardano price","cardano price prediction","crypto","crypto analyst","crypto news"],"dateCreated":"2024-02-05T18:00:36Z","datePublished":"2024-02-05T18:00:36Z","dateModified":"2024-02-05T18:00:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Says ADA Price Will Rise To $8, Here\\u2019s When\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/ada-price-will-rise-to-8\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/ada-price-will-rise-to-8\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/ADA-Price.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/ADA-Price.jpeg?fit=730%2C411\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"ada news\",\"ada price\",\"adausd\",\"adausdt\",\"analyst\",\"cardano\",\"cardano news\",\"cardano price\",\"cardano price prediction\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-02-05T18:00:36Z\",\"datePublished\":\"2024-02-05T18:00:36Z\",\"dateModified\":\"2024-02-05T18:00:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/ADA-Price.jpeg?fit=730%2C411","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/573367"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=573367"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/573367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/573388"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=573367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=573367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=573367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}