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Cardano Price Set for 24% Move According to This Analyst: What You Need To Know
Cardano Price Set for 24% Move According to This Analyst: What You Need To Know
February 20, 2025
Cardano ADA
According to a leading analyst, the Cardano price may be poised for an explosive move.
In a post on Wednesday, February 19, prominent analyst Ali Martinez stated that ADA was primed for a 24% move. The analyst referenced an ascending triangle pattern observed on the asset’s 3-hour candle chart to support this perspective.
The market watcher indicated that the critical levels to monitor are $0.74 and $0.83, with a sustained break of either level determining the direction of the move.
Specifically, a 24% decline from the $0.74 price level would result in ADA dropping to $0.56. Conversely, a 24% increase from $0.83 would push ADA back above the psychologically significant $1 price point.
Cardano trades within an ascending triangle pattern on 3 hour candle chart Source Ali Martinez
Interestingly, a recent analysis by Martinez favors an upward move. On February 12, he asserted that the asset appeared set to rise to the $0.83 price point, citing a breakout from a descending triangle chart pattern to the upside on a smaller time frame.
Martinez’s latest ADA projection comes as the broader crypto market continues to experience uncertainty amid macroeconomic concerns. ADA, in particular, has declined as much as 58% from its local highs of $1.3278 reached in early December 2024 amidst the market downturn.
Meanwhile, the asset’s recent bounce from the lows was driven by excitement surrounding a spot exchange-traded fund application from Grayscale.
ADA is trading at the $0.79 price point at the time of writing, representing a 2.7% gain over the past 24 hours.
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