Experts predict that ADA price will reach $4 in 2024, Cardano whales are buying ADA like crazy

On January 4, analyst Ali Martinez reported that Cardano whales had purchased more than 14 million ADA tokens in the past two weeks, worth approximately $8.4 million at current exchange rates.

These large purchases by high-net-worth investors are often interpreted as bullish signals for the price of specific cryptocurrencies, although Cardano is down nearly 20% this week to $0,5, while Bitcoin is down 10% on downbeat reports. Possibility of spot ETF approval in the United States.

source: Ali

However, at the time of writing, ADA is trading at $0.524, up 14% from yesterday’s lowest price.

Alibaba expects ADA prices to increase by 2024

Cardano, one of the most innovative smart contract platforms competing with Ethereum, has been volatile and has had mixed performance in recent months as Bitcoin and the U.S. Securities and Exchange Commission fell. The U.S. Securities and Exchange Commission (SEC) accused ADA of affecting securities.

However, Input Output Global (IOG), the company responsible for developing the Cardano ecosystem, has repeatedly insisted that the SEC is wrong, emphasizing that ADA is not and has never been a security under U.S. law.

Although IOG’s ADA statement was less optimistic, Ali Martinez maintained his prediction that ADA price is in a period of consolidation that is expected to last until mid-July 2024.

According to the chart shared by Martinez, once ADA exits the consolidation period, the price will rise to around $4, an increase of up to 600%.

Analysts recommend breakout

According to a recent report, analyst LuckSide said ADA is at a critical juncture to either break the $0.67 resistance and rise above $0.70 (a level it has not reached in the past 17 months) or fall back to $0.40 USD (this did not happen on January 3).

Likewise, analyst Dan Gambriello also predicts that ADA may rise if it breaks out of the current symmetrical triangle pattern and predicts that ADA will rise above $0.80.

Currently, Charles Hoskinson Project Coin is trading 81% below its all-time peak reached in August 2021. Can ADA break the downward trend and regain its glory?

You can check coin prices here.

Join Bitcoin Magazine on Telegram: https://t.me/tapchibitcoinvn

Follow on Twitter (X): https://twitter.com/tapchibtc_io

Follow Douyin: https://www.tiktok.com/@tapchibitcoin

HomeHomepage

According to ZyCrypto