Although Cardano (ADA) has underperformed since the beginning of 2024, many in the community are still optimistic about its future. Experts are also eyeing a potential turnaround in its fortunes, with projections pointing toward a reversal of its fortunes as early as April 2024.
Ali Martinez (@ali_charts), a highly respected crypto analyst, made an intriguing observation, drawing parallels to ADA’s late 2020 trajectory. Back then, ADA underwent a lateral movement phase, characterized by sideways trading, before embarking on a robust bullish surge from November 2020 to September 2021. This surge led ADA to achieve an all-time high of $3.1.
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Ali raises the intriguing possibility of history repeating itself. He suggests a prolonged consolidation phase until April 2024, followed by a bullish run that could peak at approximately $8 by January 2025.
Should the patterns align and #Cardano mirrors its late 2020 price behavior, we can anticipate $ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally! pic.twitter.com/xEKu1LQRRo
— Ali (@ali_charts) February 3, 2024
If this scenario unfolds, it would mean a surge of 1,526% from its current price of $0.4919. Ali offered a much shorter timeline for ADA to reclaim its all-time high than ChatGPT or Google Bard, who both believe the digital asset needs at least a year.
Cardano (ADA) Price Performance
At press time, Cardano (ADA) is down 2.18% over 24 hours and 6.33% over seven days. Despite its poor performance, ADA maintains its position as the eighth-largest cryptocurrency, with a market capitalization of $17.4 billion. The digital asset has also experienced a 20.3% surge in trading volume over the last 24 hours, showing interest from traders while its price is down.
Cardano (ADA) Developments on the Rise
Beyond the numbers, the Cardano blockchain project is asserting itself as a dominant force in the market by smashing new development milestones. The most recent Cardano development report highlights a noteworthy tally of 157 launched projects, with an additional 1,322 actively under development.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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Plutus scripts, which play a crucial role in facilitating the smart contracts on the Cardano network, have seen notable advancements. The latest figures reveal 6,356 Plutus V1 scripts in existence, with a significant surge observed in Plutus V2 scripts, now totaling 18,821.
These statistics underscore a growing interest and active participation among developers within the Cardano ecosystem, indicating a maturing and evolving technological landscape.
Meanwhile, Charles Hoskinson, the Cardano creator, recently predicted remarkable growth for the digital asset in 2024. Ali’s prediction and the recent advancements in the ecosystem lend credence to this prediction, increasing the chance that ADA could surpass its all-time high this year.
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