Cardano to the moon? ADA could ‘break out’ in December

Cardano (ADA) has been trading in one of its longest consolidation phases, which currently resembles ADA’s consolidation observed from 2018 to 2020, in anticipation of 2021’s euphoric bull market.

According to the expert crypto trader Ali Martinez on October 12, this current consolidation trend offers two possible future outcomes for Cardano:

“If history repeats, ADA could stay in this consolidation phase until July 2024. [However,] barring unforeseen events like the COVID-19 crash, ADA could break out as soon as December!”

— Ali Martinez (@ali_charts on X)

Notably, the 2018-2020 consolidation range for Cardano lasted 95 weeks, with a total registered volume of 88.218 billion ADA. However, the current trend is still in its 62nd week with a meaningfully lower volume of 5.025 billion ADA, 17 times lower than the previous cycle, for one-third of its time frame.

ADA 1-week price chart with consolidation rages and break out
ADA 1-week price chart with consolidation rages and break out. Source: Ali Martinez (@ali_charts) 

Nevertheless, Martinez believes that unless an “unforeseen event like the COVID-19 crash” takes place, ADA can break out of the consolidation range, seeking new highs.

Cardano (ADA) price analysis

Meanwhile, ADA is trading at $0.24 by press time, slightly losing 0.76% intraday. When looking at the consolidation phase mentioned by Ali Martinez, Cardano has traded as high as $0.45 per token, sitting in the lower spectrum of the range. ADA has lost close to 37% of its value year-over-year, from the $0.38 price 12 months ago.

Technically, ADA is positioned below its 200-day simple moving average, which typically indicates a bearish sentiment. 

Cardano (ADA) 1-year price chart.
Cardano (ADA) 1-year price chart. Source: Finbold

All things considered, multiple indicators are signaling good fundamentals for the mentioned “break out” from the current consolidation range. Among them, Cardano beats all crypto projects in September developer activity, as reported by Finbold on October 3.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.