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Cardano to the moon? ADA eyes major breakout in February 2024

Cardano to the moon? ADA eyes major breakout in February 2024

In the recent period, Cardano (ADA) has encountered a notable challenge in surpassing the steadfast $0.30 barrier. 

Although the past month witnessed sporadic breakthroughs above this price point, these gains proved transient, hinting at the possibility that ADA might be ensconced in a protracted accumulation phase.

ADA stuck in a trading range

To be more specific, ADA seems to be trapped in a broader trading range from $0.24 to $0.46 for as many as 329 days, crypto expert Ali Martinez pointed out on August 14. 

The native cryptocurrency of Cardano witnessed a similar behavior between 2018 and 2020, when it “oscillated between $0.10 and $0.028 for 665 days,” Martinez added. This long accumulation period was followed by a staggering breakout in ADA of 2,985%.

“If history and price action give any clues (minus the unpredictable COVID crash), we might see ADA breaking free around February 2024.”

– Martinez said.
ADA breakout of nearly 3,000% in 2020. Source: Ali Martinez

“The key takeaway? Patience often pays in the crypto market, and those willing to wait will be rewarded.”

– he added.

On the other hand, another possible reason why ADA is stuck in this trading range may simply be due to a lack of fresh liquidity and buying pressure. In that case, the crypto asset is unlikely to stage a major bull run. 

ADA price analysis

At the time of publication, ADA was standing at $0.29, making no significant moves in the past 24 hours.

The crypto token’s performance in the past week was also flat, sliding just 0.44% over that period. Over the past month, however, ADA plunged more than 17%, losing $1.6 billion in market cap during this downturn.

ADA 1-month price chart. Source: Finbold

Year-to-date, ADA gained more than 16.5% amid the broader crypto market rebound.

Binance to delist ADA and MATIC perpetual contracts

Meanwhile, Binance, the largest crypto exchange in the world, is set to delist all Cardano and Polygon (MATIC) perpetual contracts on August 17.

The move comes after these two cryptocurrencies, among others, have been labeled as securities by the US Securities and Exchange Commission (SEC) in its recent lawsuits against Binance and Coinbase

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