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Buy alert: Signals predict a 75% uptick in Cardano price

Buy alert: Signals predict a 75% uptick in Cardano price

Cardano (ADA) appeared highly promising in the final months of 2023 and up until late March 2023 as it appeared set to rise toward new highs in a series of stages, each recording higher highs and higher lows in sequence.

More recent trading; however, ostensibly dampened the hopes as ADA entered a significant decline in the crypto market and is dangerously close to retracing back to its late November prices below $0.40.

One cryptocurrency expert, however, believes the time may be right to buy the cryptocurrency as a crucial ratio for ADA – the Market Value to Realized Value (MVRV) Ratio – has hit a critical low.

This ratio is calculated by dividing the market value – essentially a reflection of the cryptocurrency’s market cap – by the realized value – the sum of the value of each token at the price it was last transacted.

Why Cardano might soon surge to $0.80

According to an X post by Ali Martinez, made on April 19, Cardano MVRV dropped below 22% for the first time since June 2023. The last time this happened, ADA skyrocketed 75% within approximately a month.

Such a rise for the token at the present time would see it skyrocket to just under $0.80 – a high not seen since early 2022 and might send Cardano on its way toward its old all-time highs above $2.

Such a forecast is strengthened by the fact that ADA is currently substantially oversold, and by the fact that the token is close to breaking its third resistance level at $0.489874, having already, in the last 24 hours of trading, rocketed above the first, which stood at $0.466449.

ADA price chart

Cardano has been on an interesting journey in 2024. After a strong start, ADA was severely affected by the crypto market wipe that immediately followed the approval of nine spot Bitcoin (BTC) exchange-traded funds (ETFs), only to rise again – and show much promise – in a massive March rally.

Despite these developments – and despite a substantial strengthening of its ecosystem with accelerating growth in the number of smart contracts – Cardano is, by April 19, 21.09% in the red year-to-date (YTD).

ADA YTD price chart. Source: Finbold

Much of the fall can be attributed to the last 30 days, which saw a drop of 23.26%, and the weekly chart is not much better, with a decrease of 19.83%.

Cardano price today stands at $0.46808 after a strong 24 hours, which saw a significant 3.56% climb by press time.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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