Cardano To Soar 22X? Analyst Sees Opportunity Despite On-Chain Decline
30 Octobre 2024 - 10:00PM
NEWSBTC
The Cardano market (ADA) is now at a crossroads, going through
tough times with the cryptocurrency market heating up. Despite the
latest $73,000 mark that Bitcoin had attained today, the Cardano
trade is losing its way forward, at the current time trading at
$0.356. That amounts to 12% of lost value compared to what the coin
hit just last month. Today, ADA won a minimal 2.2%, but investors
see it failing in comparison with newer coins, which now are
rapidly growing in prices. Related Reading: Analyst Eyes $6,000 For
Ethereum As Key Support Level Emerges – Details Historical Trends
Show Headroom For Further Growth For ADA holders, crypto expert Ali
Martinez has some encouraging news. He thinks Cardano might behave
in line with its spectacular 2020 expansion. Following a protracted
consolidation period, ADA surged by almost 4,000% and peaked at
$3.10 within 10 months. I believe #Cardano $ADA is following a
similar pattern to 2020. If history repeats, we might see a pump
around November 18—about two weeks after the US elections—and a
potential market top by September 2025. pic.twitter.com/GgKWBqzYXU
— Ali (@ali_charts) October 29, 2024 Martinez thinks if history
repeats itself, we may see a price jump starting around November
18, 2024–two weeks after the US elections. As of now, Martinez said
ADA has spent 455 days in a range since the last peak, and may hit
$6.50 in September 2025 as it is going to skyrocket by 2,288%. ADA
market cap currently at $12.4 billion. Chart: TradingView.com
On-Chain Activity Raises Concerns A fresh analysis from
IntoTheBlock that showed Cardano’s Network Value to Transactions
(NVT) ratio has surged to its highest level since June adds to the
concern. Often preceding price pullbacks, this statistic points to
a decrease in on-chain activity relative to price increases. The
report underlined that ADA might struggle to keep increasing pace
without more on-chain involvement. Cardano’s NVT ratio has surged
to its highest level since June, indicating a decrease in on-chain
activity relative to price growth. This classic overvaluation
signal is notable given $ADA‘s recent underperformance, suggesting
the potential for further downside. Historically,…
pic.twitter.com/yTx83exBXM — IntoTheBlock (@intotheblock) October
29, 2024 Despite these challenges, some analysts are optimistic
about Cardano’s long-term horizon. They foresee an estimated 130%
growth in the next three months and an impressive 140% increase in
the next year. This gap between short-term struggles and long-term
optimism would suggest that Cardano has short-term pain ahead but
that significant recovery is on the horizon. Related Reading:
Bitcoin Potential For Monetary Policy Sparks Growing Interest Among
Central Banks The Road To Recovery For Cardano This is a
challenging time for Cardano as investors monitor closely its price
movement and the behavior of trading with the token. As long as
concerns over further dips linger, there are some individuals that
believe this is a good opportunity to enter the ADA market before
it takes off. Analysts like Ali Martinez offer hope based on
previous tendencies despite Cardano’s recent performance. ADA needs
the next several weeks to solidify its position in the
fast-changing crypto industry. Investors will monitor to see if
Cardano can restore market momentum. Featured image from
CoinFlip.tech, chart from TradingView
Optimism (COIN:OPUSD)
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Optimism (COIN:OPUSD)
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