'Ethereum Killer' Cardano Up 9% To 18-Month High: 'Close Above $0.53 Could Lead To 32% Rally,' Says Crypto Analyst

Cardano’s ADA/USD 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/DoizuVPiRI

— Ali (@ali_charts) February 8, 2024

Another chart analyst, World Of Charts tweeted that a breakout could lead to a rally past $0.80 in the next days.

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🦁 (@Av_Sebastian) February 8, 2024

Read Next: Cardano Rallies 7% On Development Activity Surge: 'Just The Beginning Of An Epic Bull Run,' Says Analyst

Why It Matters: In its 2023 activity report, the Cardano Foundation highlighted its rising blockchain adoption and partnerships with enterprises, institutions, government agencies, NGOs and universities:

• Collaborating with U.S.-based sports brand Epoch Sports and Merchandise to introduce NFC-embedded lacrosse jerseys.
• Collaborating with the wine industry in the Republic of Georgia to facilitate verification of provenance, ensuring the authenticity of goods in international supply chains.
• Working with Switzerland for the Annual Global Impact Challenge, outlining how blockchain can provide sustainable support to humanitarian efforts.

Among bulish altcoin market sentiment, Cardano hopes to maintain momentum and re-enter the circle of potential "Ethereum killers."

Also Read: Cardano Will Be 'The Most Valuable Altcoin' When Market Tops, Says Crypto Analyst; Total Value Locked Above March 2022 Peak

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