HomeNewsCardano (ADA): Poised for Stellar Gains? Analyst Eyes February 2024 Breakout

Cardano (ADA): Poised for Stellar Gains? Analyst Eyes February 2024 Breakout

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  • Crypto expert Ali anticipates a massive 2,900% bull run for Cardano by February 2024.
  • On-chain data reveals Cardano whales remain undeterred, with big address holdings seeing a significant rise.

Cardano’s Historical Cues Point to Potential Surge

Cardano, a blockchain platform renowned in the crypto sphere, has been a hot topic of discussion lately. Analyst Ali points to intriguing historical data suggesting Cardano may be on the brink of another monumental bull run.

Past Performance: A Glimpse into Future Potential?

Diving into Cardano’s past, Ali notes that between 2018 and 2020, ADA (Cardano’s cryptocurrency) underwent a somewhat static phase. The ADA’s value swayed between a narrow range of $0.10 and $0.028. This trend persisted for a significant 665 days. But what followed was nothing short of spectacular—a massive 2,985% surge post this accumulation phase.

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Mirror this with the present, ADA seems to be oscillating within the $0.46 to $0.24 corridor, and it’s been doing so for the past 329 days. Drawing parallels between past and present trends, Ali projects a potential breakout around February 2024. However, while history might serve as a guideline, predicting the exact magnitude of the forthcoming price surge remains challenging.

To bolster these predictions, another voice from the crypto community, Dan Gambardello—founder of Crypto Capital Venture—forecasts a new all-time high for Cardano in its next bull phase, estimating it at $7.80. This figure, when juxtaposed against Cardano’s current value, translates to an approximate 2,400% jump. If Cardano replicates its 2020-2021 rally, prices might even touch $8.40, if not more.

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Currently, ADA’s price hovers around $0.29, which marks a substantial drop of 90.63% from its zenith of $3.10 achieved in September 2021.

Cardano’s Whales Undaunted by Market Fluctuations

Intriguingly, despite ADA’s subdued market performance, Cardano’s significant stakeholders appear unswayed. Recent findings from the revered on-chain analytics entity, Santiment, shed light on this resilience. The data underscores a rising trend in Cardano’s prominent addresses, with the number of addresses hoarding 100,000 ADA reaching peaks unseen since April 2022.

This bullish trend among Cardano’s ‘whales’ and ‘sharks’ emerges amidst a broader backdrop of a declining trader sentiment. Notably, Cardano’s market cap has seen a 35% decline since its high four months prior. However, the continued confidence among the big players, as evidenced by the surge in large ADA wallets, paints an optimistic future for this blockchain marvel.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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