The digital asset market has undoubtedly witnessed a bullish surge over the last day. Moreover, it could be set to benefit Cardano (ADA), as one crypto analyst sees the asset eyeing a 20% surge to the end of 2023. Subsequently, the asset would be heading into the new year with renewed momentum.
Earlier this week, Cardano was faced with an unexpected drop in value. Indeed, the token saw its price correct and fall to lows of $0.56 on Tuesday. However, it could be set to make a turnaround sooner rather than later. Indeed, the asset is forecasted to enter 2024 on the heels of quite a rally.
Also Read: Cardano (ADA) Rallies 77%, Hits Yearly High: Can It Hit $1 Next?
Cardano (ADA) Could Make Surge to $0.7 As 2024 Arrives
The year has certainly been a positive one for the digital asset industry. 2022 ended with collapse and struggles, with 2023 set to end amid tremendous optimism over the health of the market. One asset that has seen increased volatility throughout the week could also benefit from similar optimism.
Specifically, one analyst has stated that Cardano (ADA) could be facing a 20% surge by the end of 2023. Indeed, Ali Martinez took to X (formerly Twitter) to discuss what could be next for the asset. Especially after its rather shocking price correction this week saw it fall in value.
Also Read: Cardano ADA: Is $1 The Next Milestone?
Specifically, Martinez made note of Cardano’s readings on the four-hour chart. He made note of a symmetrical triangle that was shaping up, which would prepare the asset for a rather stark turn upward. Subsequently, he forecast a lift to the $0.78 price point after a noticeable breakout.
Over the last 24 hours, Cardano had increased its price by more than 7%, to trade around the $0.65 level. Moreover, it sported intraday highs of $0.678, after retreating just a bit. Still, the development does paint an optimistic picture following its recovery from Tuesday’s decline. Further solidifying the potential validity of Martinez’s prediction.