A widely followed cryptocurrency analyst says that smart contract platform Cardano (ADA) has formed a chart pattern that could indicate an upcoming rally.
In a new topic, cryptocurrency strategist Ali Martinez Tells His 44,000 followers on social media platform X said that the price of ADA could rise based on the cryptocurrency's descending triangle chart pattern.
A descending triangle is generally considered a bearish signal as a continuation pattern in a steady downtrend, but a breakout in the opposite direction known as a reversal pattern is considered bullish.
Martinez says Cardano could rise to $0.68 once it starts moving to the upside. The cryptocurrency asset is currently trading for $0.53, up 4.45% over the past 24 hours.
“Cardano is showing signs of forming a bearish triangle on the daily chart. A sustained daily close above $0.53 could trigger the start of a 32% rally, which could push ADA to $0.68!”
Last month, a cryptocurrency analyst and trader also said that Cardano could see gains of over 1,300% as the asset goes through a consolidation phase similar to the one in 2020 that pushed ADA to its all-time high price of over $3, an increase of over 2,900%.
According to market intelligence platform data IntoTheBlockA large percentage of Cardano investors own the asset for a long time.
“23% of Cardano holders have held their ADA for more than 5 years.”
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