Cardano (ADA) could be on the cusp of a bullish breakout, according to prominent crypto analyst Ali Martinez.
Like most crypto assets, the price of Cardano‘s native token ADA has struggled in the past few weeks amid macroeconomic headwinds. Just last week, the asset tanked about 24% from new year highs of $1.1519 to lows of $0.8789 as strong U.S. economic numbers tempered hopes of a near interest rate cut.
Still, analysts remain optimistic about ADA’s prospects. One such market watcher has now suggested that the asset has bullish undercurrents brewing below its recent price action.
Cardano (ADA) Buying Pressure
Cardano’s ADA could be on the cusp of a bullish breakout, according to prominent crypto analyst Ali Martinez. The analyst disclosed this in a video shared on Sunday, January 12, citing whale accumulation and a consolidation pattern.
As highlighted by Martinez, ADA whales, investors with holdings between 100 million and 1 billion coins, have accumulated 90 million ADA worth over $84.5 million over the past four days.
Martinez asserted that this buying pressure was supportive of a bullish breakout from a symmetrical triangle the asset was forming on the four-hour candle chart.
According to the analyst, this breakout could set ADA up for a rally to the $1.50 price point if it is able to break resistance at $1.10.
The target represents a 60% upside potential from the asset’s current $0.9396 price.
The Beginning of Cardano’s (ADA) Road to $6?
Martinez has previously suggested that ADA’s main target in the current cycle is $6. The analyst expressed this view on January 2, arguing that the asset was replicating its price action from the 2021 bull market.
The $6 target is almost twice the asset’s $3.1 all-time high and represents a nearly 540% upside potential from current prices.
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