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- Popular crypto analyst Ali Charts thinks Cardano (ADA) is set for an imminent breakout as soon as this December or consolidate until July 2024 if the upcoming price action mirrors the 2018-2019 phase excluding unforeseen events.
- Including the impacts of diminishing returns and high Cardano network development, the analyst expects the altcoin to rally towards new ATH around $6 in the next bull run.
Cardano (ADA), one of the top-rated smart contract blockchains with a vibrant developer and investor ecosystem, is undeniably set to rebound in the coming months amid the uptober crypto narrative. According to our latest crypto market data, Cardano (ADA) price has found a strong support zone around 24 cents, having respected the level severally since the calendar flipped in January.
From a technical standpoint, ADA price has been forming a macro bullish reversal pattern with a symmetrical triangle that is fast approaching its tipping point. Amid notable Cardano network developments through its DeFi ecosystem, experts believe an imminent rebound is likely to happen in the coming months.
Experts Take on Cardano Price Action
Amid the mainstream adoption of digital assets by institutional investors, the Cardano DeFi is undeniably expected to attract more funds in the coming quarters. As a result, a demand vs supply shock in the ADA price action is expected to trigger a bullish outlook.
Popular crypto analyst Ali Charts highlighted that ADA price is likely to break out for a bullish outlook as early as the upcoming December or consolidate until July next year if the trading instrument mirrors the 2018 to 2019 phase.
Assuming any unforeseen event that could see the entire crypto market into fresh capitulation, the analyst highlighted that ADA price is in the final stages of its macro consolidation after the 2022 crypto bear market.
#Cardano‘s current consolidation trend eerily mirrors the 2018-2020 phase!
🔴 If history repeats, $ADA could stay in this consolidation phase until July 2024.
🟢 Barring unforeseen events like the COVID-19 crash, #ADA could break out as soon as December! 🚀 pic.twitter.com/CNsulywN5z
>> Buy Cardano (ADA) quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<— Ali (@ali_charts) October 12, 2023
How high ADA prices can rally during the next bull run is largely contested by most crypto analysts as the past does not always predict the future. Moreover, the number of crypto investors has significantly increased compared to prior years, hence making the price speculation even wilder despite the notable regulatory scrutiny on wash trading around different countries on the crypto market.
Notably, the short-term Cardano price action is largely dependent on Bitcoins, whereby ADAD could drop more than 20 percent if the BTC price crashes towards $20K in the coming weeks. Furthermore, the entire altcoin industry still relies on the Bitcoin cycle to begin a fresh bull run.
Market Outlook
The Cardano network has grown to a mature ecosystem with decentralized exchanges (DEXs), lending protocols, and yield farming platforms that enjoy notable liquidity in ADA. For instance, Minswap DEX had a total value locked (TVL) of about $40 million, Liqwid lending protocol had a TVL of about $38 million on Friday, and the Djed stablecoin had a circulating supply of approximately $10 million.
All the DeFi protocols on the Cardano require ADA for liquidity and paying for transaction fees, hence creating immense utility for the altcoin with a market capitalization of about $8 billion and an average 24-hour trading volume of approximately $105 million.
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