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- Trader and analyst Ali predicted that ADA could break above $0.45 to potentially reach $0.75.
- Over the past 24 hours, ADA was able to break above $0.45 but corrected to trade at $0.4488 at press time.
- ADA was able to outperform BTC and ETH over the last 24 hours and the past 7 days.
The popular cryptocurrency trader and analyst Ali on X predicted that Cardano (ADA) could break through the $0.45 resistance soon. In the post, he stated that ADA is back on track, with its latest price movement echoing that seen during its 2018-2020 upward trajectory.
#Cardano is on track! ✅$ADA price movement is echoing its 2018-2020 trajectory, minus the COVID-19 downturn. If this pattern holds, we could see #ADA punching through the $0.45 resistance soon.What's next? A potential rally to $0.75 by late December! https://t.co/aJ05l0sx3P pic.twitter.com/GJOPU6TfM7— Ali (@ali_charts) December 7, 2023
According to Ali, the altcoin could also rally to $0.75 by late December if the current levels hold. Looking at the last 24 hours, ADA registered over a 5% gain to trade at $0.4488 according to the cryptocurrency market tracking website CoinMarketCap.
ADA / Tether US 1D (Source: TradingView)
Notably, the cryptocurrency was able to punch through the $0.45 resistance level highlighted in Ali’s post during the past day of trading. CoinMarketCap data showed that ADA recorded a 24-hour high of $0.4545. It has pulled back since then. Despite this slight correction, ADA was still trading closer to this peak than its daily low, which was situated at $0.4233.
ADA’s latest increase in price was a continuation of its positive weekly performance. Following the 24-hour gain, the price was up 18.74% over the past 7 days. Subsequently, ADA was the second biggest weekly gainer. The cryptocurrency was only outshined by Avalanche (AVAX), which posted a 24.63% gain during the same period.
Adding to ADA’s impressive performance lately was the fact that it beat both of the market leaders Bitcoin (BTC) and Ethereum (ETH). What makes this seemingly impressive is that ADA’s lead over the two cryptocurrency giants happened while exchange-traded fund (ETF) hype has been boosting the values of BTC and ETH over the past few weeks.
ETH and BTC were up 15.95% and 11.02% respectively on the weekly time frame. Looking at the short-term performances of BTC and ETH it is clear that the smaller-capped cryptocurrency continued to outperform both of the market leaders. At press time, BTC was up 0.78%, while ETH dipped 0.13%. Both of these performances were dwarfed by ADA’s 5.32% uptick.
The post Analyst Predicts ADA Could Reach $0.75 as it Beats BTC and ETH appeared first on Coin Edition.