April 10, 2024 9:53 PM | 2 minute read |
Famous cryptocurrency analyst, Ali Martinezpredicting the consolidation stage of Cardano (CRYPTO: ADA) before a potential breakout.
what happened: On Wednesday, Martinez expressed his views on the current situation on X (formerly Twitter). cardanoa currency sometimes labeled as . Ethereum (CRYPTO: ETH) Killer. He believes the cryptocurrency is exactly where it should be, holding steady in the $0.55 to $0.80 range before a potential breakout of $1.70.
Enter to win $500 in stocks or crypto
Enter your email address to get Benzinga's Ultimate Morning Update, a free $30 gift card, and more.
Related article: 'Dogecoin Killer' Shiba Inu's daily trading value soars 1,082%: 'We remain very bullish on SHIB,' says Crypto
This follows Cardano's ADA/USD price down 4.39% in the past 24 hours to $0.57, continuing a -3.0% downtrend over the past week, from $0.59 to the current price. The price has changed.
Cardano has failed to generate returns for investors so far this year. While being the pinnacle of virtual currency, Bitcoin (Crypto:BTC) is up almost 60% since the start of 2024, while Ethereum has surged 50% in the same period. Cardano, on the other hand, is down 1.2% year-to-date.
Will Bitcoin reach $100,000 in 2024?
Will I miss it? Or will you stand to benefit? Don't get stuck on the sidelines. If you want expert crypto education and guidance before this bull market gets even higher, get Benzinga Crypto for just $1.
Why it's important: Cardano's recent performance has been weak throughout this bull market, leading analysts to wonder if a lull in activity precedes consolidation or a price decline. Grayscale’s recent decision to divest its holdings in Cardano further fueled this speculation.
But Martinez's predictions suggest a different trajectory for Cardano. If his prediction turns out to be true, the current consolidation phase could portend a major price breakout.
Price action: ADA is seen trading at $0.59, up 0.3% at the time of writing, according to data from Benzinga Pro. Martinez’s potential to break above $1.70 would require an upside of nearly 188% from current levels.
Photo by Avi Rozen from Shutterstock
Read next: Bitcoin, Ethereum, Dogecoin rally as BTC halving approaches: Analyst says King Crypto likely to hit $300,000
Designed and edited by Benzinga Neuro Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system leverages the extensive Benzinga ecosystem, including native data, APIs, and more, to create comprehensive, timely stories. learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
