Cardano (ADA ($0.88)), one of the largest proof-of-stake (PoS) cryptocurrencies, might be gearing up for a significant price rally.
ADA price action has spent nearly two months consolidating. With the final phase of this pattern nearing its conclusion, Analyst Martinez believes it could surge by 40% in the coming months.
ADA Symmetrical Triangle Indicates Strong Price Movement
Martinez, who has been closely tracking ADA’s price action, pointed to the formation of a “Symmetrical Triangle” on the four-hour chart.
This pattern, often seen as a precursor to strong price movements, has been in development since December 2024, when ADA’s price hovered around $1.30.
According to the analyst, Cardano’s price has been trapped within the boundaries of this triangle, bouncing between key levels.
As the pattern nears its apex, ADA is expected to break out of the triangle. This could potentially cause a price surge of around 40%.
If the forecast proves accurate, ADA could rise from its current price range of $0.98-$1.00 to approximately $1.40. That is a huge leap for the crypto.
During the consolidation period, ADA’s price has struggled to break above $1.00.
The cryptocurrency has experienced fluctuations within a tight range, with market sentiment driven by broader trends in the altcoin sector.
At the time of writing, ADA is trading at $0.969, reflecting a 0.29% drop in the past 24 hours. Despite the challenges, ADA’s ecosystem has continued to evolve.
Cardano’s team has rolled out key upgrades. These include the Plomin hardfork, which is part of its roadmap to achieving 100% decentralization.
The Plomin upgrade marks another significant step for Cardano, which has been focused on increasing scalability and decentralization for years.
As of now, the price movement of ADA is largely shaped by technical patterns rather than immediate market catalysts.
What’s Next for Cardano?
Martinez’s forecast of a 40% price jump has caught the attention of ADA investors.
The completion of the Symmetrical Triangle pattern suggests that the cryptocurrency could be ready for a breakout.
The movement could potentially be driven by both technical factors and an improving sentiment surrounding the broader crypto market.
Cardano’s current price action follows a period of significant consolidation, which often precedes major price movements.
With the market anticipating potential bullish momentum, ADA could soon see higher trading volumes and increased interest from both retail and institutional investors.
However, as always in the volatile world of cryptocurrencies, caution is advised, and market participants should stay informed about ongoing developments.
Looking further ahead, Martinez suggests that by March 2025, ADA could break out of the consolidation phase completely.
If ADA reaches the predicted price of $1.40, it would represent a major milestone for the cryptocurrency, pushing it above its previous highs from early 2022.
With the market showing signs of renewed interest in ADA and ongoing improvements to its ecosystem, the next few months could be pivotal for Cardano.
The post Cardano Price In Final Phase of Consolidation, 40% Jump Likely? appeared first on The Coin Republic.
