A recent increase in the market value of Cardano (ADA) has caught the attention of investors and analysts. Over the past 24 hours, ADA has seen a 7% increase, trading at around $0.39 at the time of writing.
This increase in value is not just a momentary blip on the radar, but part of a larger trend that reflects the 2018-2020 consolidation phase of ADA, according to a well-known crypto trader and analyst, Ali.
Interestingly, the analyst noted that this current consolidation phase is taking place without the dramatic influence of an event like the Covid-19 crash.
Cardano (ADA) to Soar in December
Ali expressed his views on X (formerly known as Twitter), drawing parallels between ADA’s current market behavior and its historical trajectory. If these trends continue, Ali suggests that ADA could break through the $0.45 resistance level soon, potentially as early as the first week of December.
#CardanoThe current consolidation trend strangely 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 saw a slight pullback from its 24-hour high of $0.40. Although this peak is approaching the resistance level highlighted by analyst Ali, ADA appears ready for a potential rally.
This is indicated by a a significant increase in its daily trading volume, which increased by over $200 million over the past day, suggesting increased trading activity for the crypto.
Additionally, as the year approaches, Ali’s prediction that ADA price would hit $0.75 during the holiday season appears to be gaining credibility among investors. recent flare-up.
If ADA continues on this point paththis could mark a notable milestone in its journey and potentially reshape investors’ perspectives on Cardano’s role in the competitive crypto landscape.
Media Spotlight and Alleged Ethereum Imitation
It should be noted that recent attention to the ADA may in part be assigned to statements made by Steven Nerayoff, a prominent figure in the crypto sphere known for his critical opinions on Ethereum. Nerayoff’s statement that ADA is his “first choice 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, added a layer of intrigue to the ongoing narrative. This controversy particularly concerns Ethereum revisit its Plasma scaling solutionfirst introduced in 2017.
What timing! That’s why I just said @Cardano_CF is my top pick in crypto. You will hear on the recording me say @VitalikButerin he made a big mistake in getting rid of @IOHK_Charles & should bring him back.
– Steven Nerayoff (@StevenNerayoff) November 15, 2023
Members of the Cardano community did not hesitate to highlight the Similarities Between Ethereum Plasma and Cardano’s Hydra, a layer 2 scaling solution. They argue that Plasma’s recent developments closely resemble Hydra’s features.
Whether substantiated or not, such claims contribute to the broader debate about innovation and originality in the blockchain space.
Featured image from Unsplash, chart from TradingView