A popular crypto trader thinks Ethereum (ETH) competitor Cardano (ADA) could be mimicking price movement from a past market cycle and primed to surge soon.
The crypto analyst Ali Martinez tells his 32,800 followers on the social media platform X that ADA’s current consolidation trend “eerily mirrors” the asset’s 2018-2020 phase if the 2020 COVID-19 price crash is ignored.
“If so, ADA could break through the $0.45 resistance around the first week of December. The upswing could send ADA to $0.75 by late December.”
A pump to $0.75 would represent a more than 100% increase for ADA, which is trading around $0.372 at time of writing.
The 9th-ranked crypto asset by market cap is up more than 51% in the past month but still remains 88% down from its all-time high of $3.09, which it hit in September 2021.
In terms of other crypto assets, Martinez also points out that peer-to-peer payments network Litecoin (LTC) saw its biggest spike in daily activity ever this week, with the project registering more than 1 million LTC transactions on Tuesday.
LTC is trading at $71.20 at time of writing. The 18th-ranked crypto asset by market cap is down 4% in the past 24 hours but remains up by more than 14% in the past month.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Trader Says Cardano Could Be Mirroring Past Cycle, Predicts ADA Could Surge 100% by Late December appeared first on The Daily Hodl.
