A popular crypto trader thinks Ethereum (ETH) competitor Cardano (ADA) could mimic the price movement from a previous market cycle and rise soon.
The crypto analyst Ali Martinez tells its 32,800 followers on the social media platform
“If so, ADA could break the $0.45 resistance around the first week of December. The rebound could send the ADA to $0.75 by the end of December.”
A rise to $0.75 would represent an increase of more than 100% for ADA, which is trading around $0.372 at the time of writing.
The 9th-ranked crypto asset by market capitalization is up more than 51% in the past month, but still remains 88% lower than its all-time high of $3.09, which it reached in September 2021.
In terms of other crypto assets, Martinez also points out that peer-to-peer payment network Litecoin (LTC) saw its largest spike in daily activity ever this week, with the project recording more than 1 million LTC transactions on Tuesday.
LTC is trading at $71.20 at the time of writing. The 18th-ranked crypto asset by market capitalization is down 4% in the past 24 hours, but continues to rise more than 14% over the past month.
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Generated image: Midjourney
