The Cardano price may be set for an explosive move, according to one leading analyst.
In an X post on Wednesday, February 19, prominent analyst Ali Martinez asserted that ADA was primed for a 24% move. The analyst cited an ascending triangle pattern on the asset’s 3-hour candle chart to support this view.
The market watcher noted that the levels to watch are $0.74 and $0.83, with a sustained break of either level determining the direction of the move.
Particularly, a 24% decline from the $0.74 price level will see ADA drop to $0.56. On the other hand, a 24% increase from $0.83 will take ADA back above the psychologically important $1 price point.
Interestingly, a recent analysis from Martinez favors a move to the upside. On February 12, he had asserted that the asset looked primed to run up to the $0.83 price point, citing a breakout from a descending triangle chart pattern to the upside on a smaller time frame.
Martinez’s most recent ADA projection comes as the broad crypto market continues to face uncertainty amid macroeconomic concerns. ADA, for one, has dropped as much as 58% from its local highs of $1.3278 formed in early December 2024 amid the rout.
Meanwhile, the asset’s recent bounce from the lows was sparked by excitement surrounding a spot exchange-traded fund application from Grayscale.
ADA is trading at the $0.79 price point at the time of writing, representing a 2.7% gain in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
