A recent surge in Cardano (ADA)’s market value has caught the attention of both investors and analysts alike. Over the past 24 hours, ADA has seen a 7% increase, trading at approximately $0.39 at the time of writing.
This uptick in value is not just a momentary blip on the radar but a part of a broader trend that mirrors the 2018-2020 consolidation phase of ADA, according to a well-known crypto trader and analyst, Ali.
Interestingly, the analyst noted this current consolidation phase comes without the dramatic influence of an event like the Covid-19 crash.
Cardano (ADA) To Skyrocket In December
Ali has expressed insights on X (formerly known as Twitter), drawing parallels between ADA’s current market behavior and its historical trajectory. If these patterns hold, Ali suggests that ADA might soon break through the $0.45 resistance level, potentially as early as the first week of December.
#Cardano‘s current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Currently, ADA is trading at around $0.39. Despite a recent uptick in its weekly performance, the asset has experienced a minor pullback from its 24-hour high of $0.40. Although this peak approaches the resistance level highlighted by analyst Ali, ADA appears poised for a potential rally.
This is indicated by a significant increase in its daily trading volume, which has risen by over $200 million in the past day, suggesting heightened trading activity for the crypto.
Furthermore, as the year approaches, Ali’s prediction for ADA’s price to reach as high as $0.75 during the festive season seems to gain credibility with the recent surge.
If ADA continues on this trajectory, it could signify a notable milestone in its journey and potentially reshape investor perspectives on Cardano’s role in the competitive crypto landscape.
Media Spotlight And Ethereum’s Alleged Imitation
It is worth noting that the recent spotlight on ADA can be partly attributed to the statements made by Steven Nerayoff, a prominent figure in the crypto sphere known for his critical views on Ethereum. Nerayoff’s declaration of ADA as his “top pick in crypto” has fueled media discussions and increased interest in Cardano.
His recent public criticism of Ethereum, accusing the platform of imitating Cardano’s innovations, has added a layer of intrigue to the ongoing narrative. This controversy particularly concerns Ethereum revisiting its Plasma scaling solution, first introduced in 2017.
What timing! This is why I just said @Cardano_CF is my top pick in crypto. You will hear on the recording me telling @VitalikButerin he made a major mistake in getting rid of @IOHK_Charles & should bring him back.
— Steven Nerayoff (@StevenNerayoff) November 15, 2023
Members of the Cardano community have not hesitated to point out the similarities between Ethereum’s Plasma and Cardano’s Hydra, a Layer-2 scaling solution. They argue that Plasma’s recent developments closely resemble Hydra’s functionalities.
Whether substantiated or not, such claims contribute to the broader conversation about innovation and originality in the blockchain space.
Featured image from Unsplash, Chart from TradingView