After many years of development of its ecosystem, by the end of 2023, the Cardano blockchain token (ADA) finally experienced a significant price increase.

Previously considered as the main competitor of Ethereum (ETH), the token began its growth in mid-October 2023 from the level of $ 0.25, reaching $0.66 in mid-December. Subsequently, there was a correction to the current $0.52.

Over the past 24 hours, the token has started to grow rapidly again, spurred on by bitcoin's approach to the $45,000 mark, which allows many to hope for favorable prospects for ADA.

In particular, well-known cryptanalyst Ali Martinez noted that ADA has begun to form a descending triangle diagram, which is a strong bearish signal in technical analysis.

This pattern occurs when the lower highs and the resistance level form two trend lines.

Despite the presence of a bearish pattern on the chart, Martinez believes that ADA has the potential to overcome it and grow by 32% to $0.68 if the token can gain a foothold above the $0.53 level.

Currently, the price of ADA is $0.53, and it has increased by 10.3% in the last 24 hours, and by 8% in a week.

If we consider the annual period, then over the past 52 weeks the token has demonstrated an impressive growth of 33.4% 

Looking at 2024, it can be seen that Cardano has gained 4% since the beginning of January, and 4.4% in the last 30 days.