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Cardano gears up for a massive move to this price

Cardano gears up for a massive move to this price

Even though Cardano (ADA) has been keeping up with the generally bearish sentiment in the wider cryptocurrency sector, analysis shows that the currently ninth-largest digital asset by market capitalization could, at the same time, be gearing up for a massive move in the near future.

Indeed, according to the renowned pseudonymous cryptocurrency analyst CoinsKid,Cardano could be gearing up for a MASSIVE move to $0.7497 and $1.80 eventually,” which represent two “key areas of untapped resistance,” as the expert explained in an X post published on November 21.

Areas Cardano is gearing up for. Source: TradingView

Cardano price analysis

At press time, Cardano was changing hands at the price of $0.3788, which represents a decline of 3.04% in the last 24 hours while still holding onto the gain of 5.97% across the previous week and the more significant advance of 47.39% on its monthly chart, according to the data on November 21.

Cardano 30-day price chart. Source: Finbold

It is also important to note that crypto expert Ali Martinez noticed that Cardano’s current consolidation trend eerily resembled that of the 2018-2022 phase, meaning that the asset could break through the $0.45 resistance soon and proceed toward $0.75 by the end of December.

All things considered, if things play out the way the crypto trading analyst expects them to, Cardano could, indeed, increase its price by 97.92% from its current amount to the suggested $0.7497, and then eventually by 375.19% to $1.80, which are the levels this crypto asset has not witnessed since 2022.

In fact, its chances are all the stronger considering the intensified efforts of Cardano’s development team at Input Output Global (IOG), headed by founder Charles Hoskinson, on moving the network toward full-blown decentralization, as Hoskinson recently revealed.

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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