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- ADA’s potential 80% surge in 2024 could take it to $0.70, riding on a breakout from the $0.55 resistance level.
- Cardano benefits from a $3.7 million investment boost amid a $150 million influx into digital assets in early 2024.
- Ethereum’s rise and Bitcoin ETF (TSX:EBIT) approval ignite Cardano’s bullish momentum, setting the stage for a $1 ADA price target.
As the crypto market navigates through its usual turbulence in early 2024, Cardano (ADA) emerges as a potential winner, showing signs of an impressive 80% increase. Crypto analyst Ali Martinez has highlighted a promising pattern on ADA’s daily chart, suggesting a possible rally to the $0.70 mark. This surge is anticipated to follow a breakthrough of the $0.55 resistance level, further driving the token’s value upwards.
Key Resistance Levels in Sight
Martinez’s analysis points to a recent interaction with the 0.618 Fibonacci retracement level, a key indicator in technical analysis. This interaction is a critical factor that might propel ADA to target further gains. Upon surpassing the $0.55 hurdle, the eighth-largest cryptocurrency by market cap sets its sights on the $0.69 level and aims for a peak around $0.93.
In addition to technical factors, broader market sentiments are also playing a favorable role. CoinShares reported an influx of over $150 million into digital asset investment products in the first week of 2024, with Cardano attracting $3.7 million of this capital. This financial boost and positive market trends could set the stage for ADA’s significant growth in 2024.
Ethereum and Altcoins Gain Momentum
Moreover, the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission has sparked a renewed interest in other cryptocurrencies. Ethereum, in particular, has seen a remarkable surge, crossing the $2,600 threshold.
ADA/USD 24-hour price chart (source: CoinStats)
This upward trajectory has positively influenced other altcoins, including Cardano. With ADA currently trading at $0.58, analysts predict the possibility of it reaching $1 in the near term.
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