Analyst Ali Martinez predicts Cardano to grow by 44%

The expert pointed to the “head and shoulders pattern” formed on the token’s chart

13.04.2023 - 15:15

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The material is not an investment recommendation and is published for information purposes only.

What’s new? The rate of the native token of the Cardano (ADA) blockchain could rise by 44% to $0,6, said crypto trader and analyst Ali Martinez. In his opinion, a technical analysis pattern called “head and shoulders” has formed on the asset’s chart, which may indicate a potential trend reversal. As of April 13, 14:45 UTC, ADA is trading at $0,413 on Binance, having gained 2,28% in 24 hours and 5,3% in a week, according to aggregator CoinGecko.

#Cardano is poised to confirm this head and shoulders pattern, potentially igniting a 44% breakout that could propel $ADA to $0.60. pic.twitter.com/5DjZb01avi — Ali (@ali_charts) April 13, 2023

What is known about Cardano? The network was created by Input Output Hong Kong (IOHK) and Ethereum blockchain co-founder Charles Hoskinson in 2017. The ADA token enables users to participate in the operation of the network. The asset ranks seventh in the ranking of cryptocurrencies with a capitalization of $14,49 billion.

ADA’s potential growth could be facilitated by the general bull sentiment in the cryptocurrency market. For example, the leading cryptocurrencies, BTC and ETH, have risen more than 80% and 60%, respectively, since the beginning of the year. Large holders of ADA have bought 560 million tokens worth $218,4 million in the past two weeks, which may indicate that institutional and wealthy investors see potential in Cardano.

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Meanwhile, in March, more than 80% of ADA holders (3,53 million addresses) incurred unrealized losses due to the asset’s rate decline since purchase, according to analytics platform IntoTheBlock.

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