Cardano (ADA) price is currently attracting traders and investors’ attention as it approaches a major technical indication that could spark a significant price surge. Notably, crypto trading expert Ali Martinez believes Cardano is about to confirm a head and shoulders pattern, which could spark a 44% breakout, potentially boosting the price of ADA to $0.6.
“Cardano is poised to confirm this head and shoulders pattern, potentially igniting a 44% breakout that could propel $ADA to $0.6”, crypto trading expert Ali Martinez stated.
A head and shoulders pattern is a technical charting formation frequently used to indicate a trend reversal in an asset. If the pattern confirms in Cardano’s instance, it might imply that the cryptocurrency is poised for a bullish reversal, potentially propelling its price much higher.
Investors and traders keenly monitor Cardano’s price movements to profit from prospective price increases. If the expected breakout occurs, it might be a key turning point for the cryptocurrency, opening the door to additional price growth.
The bullish feeling could aid Cardano’s potential climb in the cryptocurrency industry. Bitcoin and other top cryptocurrencies, such as Ethereum, have risen by more than 80% and 60%, respectively, year to date, and ADA may be prepared to follow in their footsteps.
ADA/USD 4-hour chart | Source: TradingView
Cardano is trading at $0.413, up 5% in the last 24 hours and 9.41% in the last seven days, with a total market capitalization of $14.4 billion.
Interestingly, PricePredictions’ machine learning-based algorithms have put the price of Cardano’s token at $0.42 by April 30, 2023, as AZCoin News reported. Cardano’s current popularity is not restricted to technical indicators and price forecasts. ADA is also getting the interest of certain major market players.
Cardano whales, or significant cryptocurrency holders, have been active in the market for two weeks. These whales have amassed 560 million ADA tokens worth $218.4 million. This pattern implies that institutional investors and high-net-worth individuals are beginning to recognize Cardano’s potential, resulting in increased demand and higher cryptocurrency prices.
Read more:
- Cardano Launches Lace 1.0: The First Native Light Wallet Platform For The Cardano Network
- Cardano Whales Seem To Be On Radical Move To Accumulate ADA At Discount