Cardano (ADA) foresees a notable increase of 1233% if this scenario is validated

Cardano (ADA) foresees a notable increase of 1233% if this scenario is validated

In a new tweet, Ali, a cryptocurrency analyst, offers a bullish proposition for the price of Cardano (ADA), the eighth largest cryptocurrency by market value.

In a new tweet, Ali, a cryptocurrency analyst, offers a bullish proposition for the price of Cardano (ADA), the eighth largest cryptocurrency by market value.

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Ali believe that Cardano’s exit from its consolidation range may come sooner than expected. Ali’s analysis suggests that ADA has the potential to rally 1,233% if it validates a certain breakout scenario.

Given a scenario where history repeats itself, Ali expects ADA to rise to $0.80, retreat to $0.60, and then enter a bull run towards $8 by January 2025. A price rise to $8 from current prices represents an increase of 1,233%.

At the time of writing, ADA was up 1.87% in the last 24 hours to $0.60, gaining 11% weekly.

Cardano has been steadily rallying since January 23, when it hit a low of $0.44. Buyers drove Cardano above the daily MA 50 at $0.53, which had kept the ADA price down since mid-January.

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Cardano: Here’s why long-term holders are buying more ADA

If the price breaks the $0.613-$0.617 area, which has served as a barrier for ADA price since January, ADA may target $0.68 before attempting to reach the $0.80 level projected by crypto analyst Ali.

Instead, if the price drops and falls below the 50 MA in a single move, it may trap several eager buyers. This could lead to a prolonged sell-off, resulting in a drop to the strong support level of $0.44.

Plutus v3 now available in Sanchonet

Pluto v3 is now live and being tested on SanchoNet, the testnet for Cardano’s fully decentralized on-chain governance mechanism, which will be implemented with CIP-1694. This is a crucial milestone in Cardano’s efforts to build a more complete, efficient and developer-friendly ecosystem.

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Cardano Founder Reveals Next Big Update for ADA

Plutus V3, the latest version of Cardano’s smart contract language, would provide significant improvements over its predecessors, improving the developer experience, streamlining smart contract adoption, and driving cross-chain interoperability.

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