After reaching a high close to US$0,81 last month, Cardano (ADA) corrected its price drastically, showing significant drops in recent days and falling 22% in one month. Currently, the ADA cryptocurrency is trading near $0,57.
However, renowned cryptocurrency analyst Ali Martinez shared a prediction that made ADA investors very hopeful. The expert highlighted in his recent analysis that Cardano has the potential to show a significant increase in its price soon.
As noted in the analysis, which was based on historical cryptocurrency patterns, as well as, in the current market scenario, Cardano could reach an increase of more than 300% in the coming weeks. According to the expert, the ADA token is currently in a consolidation phase between the US$0,55 and US$0,80 levels before starting a bullish run towards the US$1,70 price.
“Nothing has really changed for Cardano. $ADA is exactly where it should be, consolidating in the $0,55 to $0,80 range before a breakout to $1,70!” the analyst wrote.
Nothing has really changed for #Cardano. $ ISLANDS is exactly where it should be, consolidating in the $0.55 to $0.80 range before a breakout to $1.70! https://t.co/414rFQhxLf pic.twitter.com/Djx9YqOp7F
— Ali (@ali_charts) April 9, 2024
At the time of publication, the cardano price it was quoted at US$ 0,5771, down 5.4% in the last 24 hours. The cryptocurrency had a trading volume in the last 24 hours of US$510.488.112.
Cardano preparing for next major upgrades
Charles Hoskinson, co-founder of the Cardano (ADA) blockchain, recently highlighted the challenges faced in the network, highlighting the preparation in the ecosystem for the next major updates.
His co-founder's defense of blockchain comes amid recent criticism from members of the cryptocurrency community. “Seeing all the dunks on Cardano makes me smile a little. We are holding all the cards as an ecosystem. We have the best path to scalability, governance and innovation. We also have the best community,” he said.
Cardano is close to launching new features on the network, with emphasis on the Chang hard fork. This update is expected to be one of the most important since the implementation of the Vasil hard fork in 2022.
