Cardano (ADA) is currently consolidating after dropping 2.87% to $0.3806, creating a new story for analysts to follow. Market expert Ali Martinez thinks Cardano may be wriggling into a position where it may spike to its highest price of the year, as opposed to presenting a bleak picture.
Over 166,470 wallets purchased Cardano in this price range, according to experts, indicating that demand for the currency is optimistic. Martinez stated that ADA now has little opposition going ahead and that a possible 20% rise might be seen to surpass its prior yearly high of $0.4518 thanks to its solid support level around $0.38.
Cardano has long been considered an undervalued digital currency because of its unique selling point, state-of-the-art research, and active community. A price of $0.38 is considered too cheap for a protocol that is said to have one of the greatest staking mechanism designs in the Web3.0 industry.
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Martinez thinks the story might shift due to the increasing demand. He did, however, issue a warning to investors, warning them to be on the lookout for any failure to hold onto the support zone, which might lead to another decline below $0.34.
Cardano bullish milestone to watch
The argument for Cardano’s impending price increase extends beyond the on-chain statistic, since the ecosystem’s novel protocols have kept the demand for ADA alive.
With the release of Cardano GPT, its first generative AI chatbot, Cardano made yet another impressive display as an AI enabler, as previously covered by U.Today.
The Layer-1 blockchain has recently launched additional protocols, such as Midnight Network and Mithril, on which this launch builds. Along with these achievements, the inventor of Cardano is looking for strategic alliances that can increase awareness of the protocol and perhaps raise the cost of ADA over time.
