Cardano’s native token ADA has been one of the well-known players in the 2024 altcoin market rally. The Cardano (ADA) price at the moment is trading at $0.7682, bragging a market cap of $27.2 billion. Moreover, Cardano has seen a great increase in 24-hour trading volumes, moving by 40% to $2 billion.
Cardano Price Increase: A notable gear-up
As per information made known by a prominent analyst Ali Martinez, Cardano assuming that this example continues, investors might expect a momentary correction prior to seeing a huge upswing toward the $10 mark for ADA. In essence, the ADA price could energize another 2000% from the ongoing levels.
Martinez’s examination gives significant insight to investors and fans tracking the performance of Cardano in the digital money market.
Read Also: Cardano Warming Up For A Bull
#Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes parabolic toward $10! pic.twitter.com/6kDxDhxsEg
— Ali (@ali_charts) March 4, 2024
Cardano (ADA) digital currency has exhibited a noteworthy resurgence since January’s ending. Subsequent to reaching as far down as $0.444, the price has seen a surge of 75% in only 41 days, arriving at its current level of $0.783, offering a huge circle for investors. This paves the way for the ADA price to rally to $1 and above.
Furthermore, the new ADA price increase comes in the areas of strong whale activity. As per crypto expert Ali Martinez, the upturn in Cardano appears to be robust. There has been a significant increase in day-to-day active addresses, transaction volume, and transactions done by ADA whales. This surge in activity demonstrates an elevated degree of network engagement and investors’ interest, recommending positive signs for solidified growth.
Read Also: Cardano Founder Join Moves To Increase The Token’s Visibility
Imminent ADA Price
Cardano seems to be in the same line with an Elliot wave pattern, with the possibility to outperform the significant resistance level at $0.8 and target $0.9 in the coming weeks. The new bounce back from lows lines up with the third wave of the Elliot wave theory, signaling a push toward local highs. The weekly stochastic RSI is on the increase, showing further upward energy, while the bullish trend is upheld by the DMI as +Di and – Di levels diverge.
Moreover, the ADX approaching upper resistance suggests a potential trend reversal after arriving at local milestones.
In addition, increasing volume levels suggest heightened trader movement, suggesting potential volatility in the near term. As prices keep aiming for the key resistance at $0.905, some bearish pressure could be the reason that leads to consolidation between $0.92 and $0.96 for a period.