Ali Martinez, a well-regarded technical and on-chain analyst, recently highlighted an impressive development regarding Cardano. Over the past three weeks, Cardano has experienced a nearly 200% surge, but according to Martinez, this is just the beginning of a more significant movement in the cryptocurrency’s trajectory. Amidst a wave of optimism in the broader market and the rising momentum of altcoins, Cardano seems poised to reach new highs.
Cardano Mirroring Previous Bullish Cycle
According to the analyst, notable market players, including whales and institutional investors, are preparing for what lies ahead. The volume of substantial transactions on the Cardano network has astonishingly exceeded $22 billion per day, indicating significant accumulation. Whales holding between $1 million and over $10 million in ADA have notably increased their holdings by over 100% in the past month.
Martinez points out that this high buying pressure is beginning to influence prices, and from a technical standpoint, Cardano appears to be replicating its previous bullish cycle. Should this pattern persist, ADA could potentially target a price of $6. A critical support level to monitor for sustaining the bullish outlook is $0.80, where approximately 48,000 addresses acquired nearly 1.20 billion ADA. At the moment, ADA is trading at $0.9686, marking an increase of over 20% in the last 24 hours.
Altcoins on the Rise: DOGE Jumps 5%
As Bitcoin approaches the highly anticipated $100,000 milestone, several altcoins, including Dogecoin, are experiencing notable gains. Dogecoin reached a peak of $0.4126 early Friday afternoon, marking its highest point in over a week. Currently, it trades at $0.4092, up over 6% in the last 24 hours.
DOGE’s recent 5% surge has propelled it back to multi-year highs achieved earlier this month, fueled by speculations surrounding X’s anticipated payments service. Elon Musk’s recent post, featuring a screenshot of podcaster Joe Rogan’s X profile with a unique dollar icon, has sparked speculation about a potential money transfer feature linked to X Payments.
XRP Leads the Pack
In the realm of altcoins, XRP stands out as a leader, with its price skyrocketing following news of Gary Gensler’s impending resignation in January. XRP is currently trading at $1.45, reflecting an impressive 23% increase in the past 24 hours.
These developments across various cryptocurrencies underscore the dynamic nature of the market, where significant events and technical indicators can rapidly influence price movements. As the market evolves, investors and analysts alike continue to watch closely, anticipating the next big moves in the world of digital currencies.
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