Cardano is preparing to take off: a potential 150% increase

The past few months have brought many positive developments for the entire Cardano (ADA) ecosystem. The work done on the Plutus v1 and v2 networks is beginning to bear fruit New smart contracts on the blockchain have been growing rapidly in recent months,

Furthermore, in the context of the cryptocurrency market’s sustained and prolonged rally, the ADA token has experienced several large but brief surges that have seen its price increase by more than 100% cumulatively over the past 52 weeks.

Now, Cardano is poised for another significant surge An increase of more than 150% can be seen in thisAccording to analysis published in X by leading cryptocurrency expert Ali Martínez.

Cardano is poised for another big rally

According to Martinez, ADA’s price chart pattern is very similar to the token’s performance between 2018 and 2021.

The cryptocurrency started 2018 at a relatively high level of $1 following a rally following its 2017 launch, but the pace of the rally diminished throughout the year, meaning that by December ADA was at $0.04. However, Cardano accumulated over the following years and reached an all-time high near $3 by September 2021.

Based on historical patterns, ADA is likely to trade Between $0.55 and $0.80 in the coming weeks Martínez estimates that it is likely to reach $1.70 after this.

The crypto expert also predicts that if such a scenario occurs, Cardano will be fine heading towards another rallyThis time towards a new all-time high of $5.

cardano prices

Cardano’s performance in recent months has seen short, significant rallies followed by moderate corrections and accumulation periods that have seen the token rise by more than 100% over the course of 12 months, and by a total of 10.85% so far this year. Has increased (YTD).

Additionally, while ADA saw an increase of 9.24% over the past 30 days, the most recent performance saw a downtrend for the token and is 11.48% in the red on the weekly chart and up a relatively low 0.65% over the past 24 hours. Trading. At the time of publication the price of Cardano was $0.65.