Cardano Price Set for 24% Move According to This Analyst: What You Need To Know

The Cardano price may be set for an explosive move, according to one leading analyst. In an X post on Wednesday, February 19, prominent analyst Ali Martinez asserted that ADA was primed for a 24% move. The analyst cited an ascending triangle pattern on the asset's 3-hour candle chart to support this view. The market watcher noted that the levels to watch are $0.74 and $0.83, with a sustained break of either level determining the direction of the move. Particularly, a 24% decline from the $0.74 price level will see ADA drop to $0.56. On the other hand, a 24% increase from $0.83 will take ADA back above the psychologically important $1 price point.

Interestingly, a recent analysis from Martinez favors a move to the upside. On February 12, he had asserted that the asset looked primed to run up to the $0.83 price point, citing a breakout from a descending triangle chart pattern to the upside on a smaller time frame. Martinez's most recent ADA projection comes as the broad crypto market continues to face uncertainty amid macroeconomic concerns. ADA, for one, has dropped as much as 58% from its local highs of $1.3278 formed in early December 2024 amid the rout. Meanwhile, the asset's recent bounce from the lows was sparked by excitement surrounding a spot exchange-traded fund application from Grayscale. ADA is trading at the $0.79 price point at the time of writing, representing a 2.7% gain in the past 24 hours.