Crypto analyst expects a rally from Cardano (ADA)

The cryptocurrency analyst said that Cardano (ADA) has created a chart pattern that points to a potential rally.

Analyst Ali Martinez, in his post on X, stated that the asset will rise depending on the descending triangle chart pattern.

A descending triangle is often considered a continuation pattern in a downtrend. However, a reversal breakout indicates a bullish trend.

The analyst said that after the ADA turns bullish, it could rise as high as $0.68.

"ADA shows signs of a descending triangle on the daily chart. A steady close above $0.53 could lead to a 32% rally, potentially pushing ADA as high as $0.68."

According to IntoTheBlock, a significant percentage of Cardano investors are long-term investors.

"23% of ADA holders have held their ADA tokens for more than five years."

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