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Here’s Cardano’s (ADA) path to $6

Cardano ( ADA ) is flashing familiar signals, with its current price action mirroring an earlier bull cycle that led to massive gains. Specifically, renowned cryptocurrency analyst Ali Martinez highlighted a striking similarity between ADA’s 2020 rally and the current market structure, suggesting that a surge to $6 could be on the horizon, he shared in an X post on December 22. In 2020, ADA experienced a steep correction following the initial breakout from its accumulation phase. The first significant dip during ADA’s uptrend occurred at almost the same point in the cycle as the current correction. What followed that correction was a 4,095% rally, taking ADA from under $0.10 to an all-time high above $3 by August 2021. In 2024, Cardano appears to be repeating this pattern . After breaking out from a lengthy accumulation phase, ADA’s price retraced by around 42%, similar to its 2020 pullback. ADA price analysis chart. Source: TradingView/Ali_charts Therefore, if history repeats itself, ADA could climb as high as $6, reflecting an increase of about 560% from the asset’s current valuation. Such a price target would likely put Cardano’s market cap at almost $210 billion, placing it in the third spot among assets with the highest market cap, provided other cryptocurrencies record minimal growth. Martinez initially noted that Cardano could hit the $6 mark between July and September 2025. At the same time, pseudonymous trading expert Kenshiyesreel , in an X post on December 22, observed that ADA would likely target $4 as the next major resistance zone. Based on market structure analysis, the asset appears to have transitioned from an accumulation phase into a markup phase, signaling rising demand and bullish sentiment. The $4 price level coincides with the distribution zone, where overbought conditions may arise. ADA price analysis chart. Source: TradingView Cardano’s fundamentals Cardano’s ongoing efforts to enhance decentralization may support ADA’s price recovery. Notably, founder Charles Hoskinson envisions a fully decentralized blockchain governance model that includes all users and token holders. Welcome to governance everyone, it`s messy and tough, but it`s the only way to include everyone. For the last decade, I`ve tried to do everything in my power to ensure that Cardano is run by the millions who use it and own ada. We are at a very critical inflection point where… — Charles Hoskinson (@IOHK_Charles) December 16, 2024 To achieve this, Cardano seeks to finalize a community-ratified constitution and secure approval for its budget system, positioning the platform as a leader in the decentralized revolution. The push for decentralized governance could reinvigorate investor confidence and drive ADA’s long-term price potential. With the Chang Hard Fork in September 2024 setting the stage for these changes, the ongoing transformation might signal a pivotal growth catalyst for the platform and its native token. State of Cardano Q3 Key Update: Cardano completed phase one of the Chang Hard Fork, paving the way for decentralized on-chain governance by ADA holders. QoQ Metrics ???? • DeFi TVL ⬆️ 13.3% • Liqwid`s TVL ⬆️ 77.2% • USDM market cap ⬆️ 145.5% Read the full report ????… https://t.co/k8L9CkF4b8 pic.twitter.com/oCYBdR7Qna — Messari (@MessariCrypto) December 20, 2024 ADA price analysis By press time, ADA was trading at $0.89 with daily losses of about 0.92%. The decentralized finance (DeFi) asset has plunged almost 18% on the weekly timeline. ADA seven-day price chart. Source: Finbold Although ADA is facing a correction soon, there is still room for regaining bullish momentum, considering the price sits above the 50-day simple moving average ( SMA ) of $0.8519 and the 200-day SMA of $0.493, signaling strong upward momentum. With a 14-day RSI of 44.54, ADA is in neutral territory, neither overbought nor oversold, with $1 as the next key resistance target. Featured image via Shutterstock The post Here’s Cardano’s (ADA) path to $6 appeared first on Finbold . CryptoIntelligence

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XRP Battles Critical $2.20 Support Level — Will It Target $2.70 Or Slip To $1.96?

XRP has been trading in a decline over the past few days alongside the broader cryptocurrency market. However, despite this lull, the XRP price has managed to maintain its critical support levels and is currently positioning itself for a potential recovery. Related Reading: Ethereum Investment: Trump Crypto Project Grabs 722 ETH At $2.5 Million Interestingly, technical analysis highlights the $2.20 mark as a key level to watch for XRP going forward. This was noted in an analysis by popular crypto analyst Ali Martinez, who emphasized that XRP’s next major move could hinge on its outcome on this threshold. Key Levels To Watch: $2.20 Support And $2.70 Resistance The cryptocurrency market has faced significant selling pressure since December 17 led by Bitcoin’s break below support levels, leading to notable price corrections across various cryptocurrencies. XRP, in particular, saw its price fall from $2.708 on December 17 to bottom at $1.98 on December 20. This represented a 27% in three days. After it reached $1.98, the XRP price rebounded and regained the $2 price level. As it stands, XRP is now trading around $2.2, although it is still down by 7% in the weekly timeframe. XRP’s movement around the $2.2 price level has captured the attention of crypto analyst Ali Martinez, who suggested two ways the cryptocurrency can go from here. According to Ali Martinez, XRP’s ability to hold above the $2.20 support is crucial for its short-term bullish outlook. If this level remains intact, the token might enter a consolidation phase, but another attempt at the $2.70 resistance remains in play. From here, a strong bullish momentum above $2.7 could as well send the cryptocurrency above $3 for the first time in years. On the other hand, a break below $2.20 could trigger another quick XRP price decline toward $1.96 before it starts to attract fresh buying interest. Image From X: ali_charts Whale Accumulation Up Amid Crypto Market Correction On-chain data from Santiment suggests that XRP has captured the interest of whales during this recent downturn. Wallets holding between 1 million and 10 million XRP coins have accumulated an additional 80 million XRP since December 17, which points to strong confidence in the token’s long-term potential among whale addresses. This accumulation could provide a cushion against further declines below the $2 mark and set the stage for an eventual recovery. Related Reading: Dogecoin Dives: $29 Million Disappears During Market Collapse —Data Adding to the bullish outlook, technical analysis of the XRP price using Elliot impulse waves suggests that the recent crash below $2 might be the end of the second impluse wave, which is a corrective wave. With this in mind, bullish impulse wave 3 is expected to start anytime soon. At the time of writing, XRP is trading at $2.27. Featured image from Tech Xplore, chart from TradingView CryptoIntelligence