An analyst says Cardano (ADA) is now setting up to surge after the cryptocurrency formed a pattern indicating a potential rally.
In a new thread, crypto strategist Ali Martinez tells his 44,000 followers on the social media platform X that the price of ADA could go up based on the cryptocurrency’s descending triangle chart pattern.
A descending triangle is generally considered a bearish signal as a continuation pattern in an established downtrend, but a breakout in the opposite direction known as a reversal pattern is bullish.
Martinez says Cardano may surge to $0.68 once it starts moving to the upside.
The crypto asset is currently trading for $0.54, up by 5% over the last 24 hours.
“Cardano shows signs of a descending triangle formation on its daily chart.
A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing ADA up to $0.68!”
Last month, the crypto analyst and trader also said that Cardano may see gains of over 1,300% as the asset goes through a consolidation phase similar to that in 2020 which catapulted ADA to its all-time high price of over $3, an increase of more than 2,900%, reports The Daily Hodl.
According to data from the market intelligence platform IntoTheBlock, a significant percentage of Cardano investors are long-time holders of the asset.
“23% of Cardano holders have held their ADA for more than 5 years.”
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Also Read: Bitcoin Will Now Surge To $200,000 in 2025 Says Analyst
Other Crypto News Today
Binance will now launch a massive Web3 crypto gaming project built on Ronin (RON) which will be focused on farming and exploration.
The top global crypto exchange says the 46th Binance Launchpool project will be Pixels (PIXEL), a blockchain-based, open-ended game focused on farming and exploration.
Launchpool allows users to stake coins to farm new assets, reports The Daily Hodl.
Starting on Friday, Binance users will have 10 days to stake BNB and the stablecoin First Digital USD (FDUSD) in separate pools to farm PIXEL tokens.
The exchange will then list PIXEL for trading on February 19th and apply a seed tag to the asset.
Binance applies seed tags to lower-liquidity tokens that have more volatility potential, and users who own assets with tags are required to pass quizzes every 90 days to ensure they’re aware of their inherent risks.
Pixels promoted the exchange listing on the social media platform X and noted that the game surpassed more than 180,000 daily active users (DAU) in 2023.
“Our explosive growth can be attributed to two core factors: our community and our migration to Ronin, Sky Mavis’ proprietary blockchain. Behind every successful web3 game is a thriving, engaged, and passionate community.
We started with a core, devoted community that has only expanded as Pixels was introduced to the players in the Ronin ecosystem.”
Ronin (RON) is a gaming-focused Ethereum (ETH) sidechain.
“With the listing on Binance and the sunset of $BERRY to create a sustainable ecosystem, we are confident that Pixels’ best days are ahead,” the network said.
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Also Read: A Veteran Trader Now Becomes Super Bullish on Bitcoin BTC
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