A popular crypto trader thinks Ethereum (ETH) competitor Cardano (ADA) could be mimicking price movement from a past market cycle and primed to surge soon.
The crypto analyst Ali Martinez tells his 32,800 followers on the social media platform X that ADA’s current consolidation trend “eerily mirrors” the asset’s 2018-2020 phase if the 2020 COVID-19 price crash is ignored.
“If so, ADA could break through the $0.45 resistance around the first week of December. The upswing could send ADA to $0.75 by late December.”
A pump to $0.75 would represent a more than 100% increase for ADA, which is trading around $0.372 at time of writing.
The 9th-ranked crypto asset by market cap is up more than 51% in the past month but still remains 88% down from its all-time high of $3.09, which it hit in September 2021.
In terms of other crypto assets, Martinez also points out that peer-to-peer payments network Litecoin (LTC) saw its biggest spike in daily activity ever this week, with the project registering more than 1 million LTC transactions on Tuesday.
LTC is trading at $71.20 at time of writing. The 18th-ranked crypto asset by market cap is down 4% in the past 24 hours but remains up by more than 14% in the past month.
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Author: Daily Hodl Staff
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