Cardano price has had a stop-start performance over the past week, with the bulls struggling to stay above the $0.60 price level. This comes at a time when the leading cryptocurrency, Bitcoin, has lost some of its recently accumulated gains.
Interestingly, a popular crypto analyst on
Is the ADA price set for a $0.70 rally?
In a recent one message on the X platform, prominent crypto analyst Ali Martinez has put forward a projection for the Cardano price in the coming days. As highlighted in Martinez’s chart, the ADA token appears to be trading within a descending triangle pattern on the lower time frames.
A descending triangle is a chart pattern characterized by a downward upper trendline and a flatter horizontal trendline. The appearance of a descending triangle on a price chart indicates a bearish pattern for any cryptocurrency. However, this downward pattern can help signal a trend shift and a potential increase in an asset’s value.
Chart showing Cardano price within a descending triangle pattern | Source: Ali_Charts/X
In his latest analysis, Martinez stated that this current chart pattern could increase the ADA price in two ways. Notably, the crypto analyst pointed out that Cardano price could see a bullish breakout in the near future.
In this scenario, Martinez said a sustained close above USD 0.638 could put ADA’s price on a bullish path. According to the crypto analyst, the value of the altcoin could rise to $0.70, which represents an increase of almost 15% from the current price point.
However, Ali Martinez warned investors to “keep a close eye” on the horizontal trendline of the triangle chart pattern, which is marked by the support at $0.613. The crypto expert warned that “any weakness at this level could dampen the ADA’s bullish momentum.”
Cardano price overview
At the time of writing, Cardano price stands at $0.6127, reflecting a 3.9% price drop in the last 24 hours. Although ADA’s bullish momentum appears to be waning, the altcoin has managed to retain most of its gains in recent weeks.
According to data provided by CoinGeckothe ADA has risen by more than 6% in the past seven days and by almost 60% in December. With a market capitalization of over $21.46 billion, the Cardano token is the 8th largest asset in the cryptocurrency sector.
Cardano price pulls back towards $0.60 on the daily timeframe | Source: ADAUSDT chart on TradingView
Featured image of Solodev, chart from TradingView
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