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Renowned crypto analyst, Ali Martinez, predicts a consolidation phase for Cardano ADA/USD before a potential breakout.
What Happened: On Wednesday, Martinez took to X, formerly Twitter, to express his views on the current state of Cardano, a currency sometimes labeled as an Ethereum ETH/USD killer.. He believes that the cryptocurrency is exactly where it should be, consolidating in the $0.55 to $0.80 range, before a potential breakout to $1.70.
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This comes in the wake of Cardanos ADA/USD price decreasing by 4.39% over the past 24 hours to $0.57, continuing its downward trend over the past week of -3.0%, moving from $0.59 to its current price.
Cardano has failed to give its investors any gains so far this year. While the apex cryptocurrency Bitcoin BTC/USD has gained almost 60% since 2024 began, Ethereum has shot up 50% in the same time frame. Cardano on the other hand is down 1.2% on a year-to-date basis.
Why It Matters: Cardanos recent performance has been muted throughout this bull run, leading analysts to wonder whether the lull in activity may precede consolidation or a price drop. Grayscales recent decision to dump its Cardano holdings has further fueled this speculation.
However, Martinezs prediction suggests a different trajectory for Cardano. If his prediction holds true, the current consolidation phase could be a precursor to a significant price breakout.
Price Action: ADA was seen trading 0.3% higher at $0.59 at the time of writing, according to Benzinga Pro data. If Martinezs potential breakout of $1.70 is realized it will have to appreciate nearly 188% from the current levels.
Photo by Avi Rozen on Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Rise As BTC Halving Draws Near: Analyst Says King Crypto Likely To See $300KEngineered by Benzinga Neuro , Edited by Shivdeep Dhaliwal
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