- Ali predicts a 1,233% increase in ADA price, potentially reaching $8 by January 2025 according to analysis.
- Cardano implements Plutus V3 on SanchoNet, enhancing smart contracts and fostering cross-chain interoperability in the ecosystem.
A recent prediction by Ali, a cryptocurrency analyst, on Cardano (ADA), the eighth largest cryptocurrency by market value, has generated considerable bullish anticipation. Ali suggests that Cardano’s price could experience a breakout of its consolidation range sooner than expected, with a potential upside of 1,233% if a certain breakout scenario is validated.
The #Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating $ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! pic.twitter.com/HuVAxFEg9Y
— Ali (@ali_charts) February 15, 2024
According to Ali, in a scenario where history repeats itself, ADA could rise to $0.80, retrace to $0.60 and then embark on a bull run to $8 by January 2025. This increase to $8 from current prices would represent a 1,233% increase.
At the time of writing, ADA had risen 1.87% in the past 24 hours to $0.57, accumulating 11% on a weekly basis. Cardano has been steadily recovering since Jan. 23, when it hit a low of $0.44. Buyers pushed Cardano above the daily MA of 50 at $0.53, which had kept ADA’s price down since mid-January.
If price breaks above the $0.613-$0.617 area, which has acted as a barrier for ADA price since January, ADA could target $0.68 before attempting to reach the $0.80 level projected by crypto analyst Ali.
On the other hand, if the price drops and breaks the MA 50 in a single move, it could attract several eager buyers. This could lead to a long liquidation, resulting in a decline to the strong support level of $0.44.
The importance of Plutus v3, now live and being tested on SanchoNet, the test network for Cardano’s fully decentralized, blockchain-based governance mechanism to be implemented with CIP-1694, cannot be understated.
Plutus V3, the newest iteration of Cardano’s smart contract language, would offer significant improvements over its predecessors, enhancing the developer experience, speeding up smart contract adoption and boosting cross-chain interoperability.
For Cardano, these predictions and technology developments represent more than mere optimism. They reflect confidence in the platform’s innovation and adaptability in the face of changing cryptocurrency market dynamics.
While Ali’s price prediction offers a potentially lucrative scenario for investors, the implementation of Plutus v3 highlights Cardano’s ongoing commitment to improving and expanding its infrastructure.
