If a signal seen on Cardano’s price chart is confirmed, the eighth-largest cryptocurrency by market capitalization might see an 80% increase in value.
On the Cardano daily chart, a strong buy signal has appeared, according to cryptocurrency expert Ali. He claims that a recent contact of the 0.618 Fibonacci retracement line was what sent off this warning.
If this signal is accurate, according to Ali, ADA may surpass the resistance level around $0.55, opening the door to higher objectives like $0.69 and perhaps even $0.93.
https://x.com/ali_charts/status/1745049000972042651?s=20
A move up to $0.93 may indicate an 82% increase over the going rate. As of this writing, Cardano’s price was $0.4977, down 2.92% over the previous day.
A decline is observed in the cryptocurrency market as anticipation grows for the SEC’s ruling regarding a Bitcoin spot ETF. The U.S. Securities and Exchange Commission stated on Tuesday that there was market volatility as a result of someone momentarily accessing its X social media account and posting a false message stating that it had authorised Bitcoin exchange-traded funds (ETFs).
Due to the market downturns, ADA is also announcing a price reduction. In spite of this, Ali thinks the ADA price is still following its 2018–2020 price trend.
In the event that this pattern holds, Ali believes that ADA may level off until April, laying the groundwork for a possible bull run revival.
Cardano sees $3.7 million inflows to start 2024
The most recent CoinShares report states that in the first week of 2024, investments in digital asset investment products totaled $151 million.
With $113 million in inflows, Bitcoin experienced the highest percentage of all inflows; in total, inflows over the previous nine weeks accounted for 3.2% of AuM. Notable $3.7 million inflows were also seen in Cardano.
Separately, the Lace lightweight wallet from Cardano has announced the release of Lace 1.8.1, the first version of 2024, which fixes an issue that was causing the signData function to fail.
