Benzinga - Cardano’s (CRYPTO: ADA) 9% single-day rally prompted more bullish projections from analysts. The Cardano Foundation highlighted significant achievements during the year 2023.
What Happened: In the past 24 hours, Cardano surged 9.3%, reaching its highest levels since August 2022. This makes the altcoin one of the day's leading performers, with trading volume up 49.7% on the day.
Analysts are bullish, with well-known crypto analyst Ali Martinez predicting more potential upside:
#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRIAnother chart analyst, World Of Charts tweeted that a breakout could lead to a rally past $0.80 in the next days.— Ali (@ali_charts) February 8, 2024
Cardano technical analyst Sssebi noted that for the first time in weeks, Cardano broke its 200 Moving Average on the 4-hour chart:
In a previous tweet, I was telling you how $ADA is having difficulties going above the 200 Moving Average on the 4-hour chart.For the first time in weeks it has broken it, let's see if the next candle manages to close above and get the bounce. If yes $0.55 incoming. https://t.co/WkuZXVycWp pic.twitter.com/Ym1RlTd13l
— Sssebi