New Era

Cardano

Foundation

In recent weeks, ADA, the native token of the Cardano network. has drawn much speculation due to a rather <a href="https://www.newsbtc.com/news/cardanos-dark-hour-panic-grips-investors-as-ada-loses-20-of-its-value/" target="_blank" rel="noopener noreferrer nofollow">turbulent price performance</a> resulting in a decline of 18.77% in the past month. This negative price movement is similar to the majority of the cryptocurrency market following<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-altcoins-price-decline-as-crypto-liquidations-near-900-million-in-the-past-day/" target="_blank" rel="noopener noreferrer nofollow"> unprecedented massive dips in the price of Bitcoin.&nbsp;</a>
However, despite ADA’s troubles, popular crypto analyst Ali Martinez is backing the coin to pull off a remarkable rebound. Interestingly, Martinez’s prediction comes as the digital asset attempts to find its feet, gaining by 9.92% in the last day, according to <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow">data from CoinMarketCap</a>.
<h2 id="strong-ada-tipped-to-hit-0-80-record-yearly-high-strong">ADA Tipped To Hit $0.80, Record Yearly High</h2>
In a <a href="https://x.com/ali_charts/status/1781237877671711060" target="_blank" rel="noopener noreferrer nofollow">post</a> on X on April 19, Ali Martinez shared that ADA may soon record an impressive price surge. Martinez predicted the tenth largest cryptocurrency could soon record a 75% gain due to its MVRV Ratio being lower than -22%.
For context, the Market Value to Realized Value (MVRV) ratio is a metric used in crypto technical analysis to assess the valuation of a digital asset relative to its realized value. It is basically used to know if a token is overvalued or undervalued based on its market price compared to the average cost basis of its holders.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 The last time <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a>'s MVRV Ratio dipped below -22%, <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a>'s price soared by over 75%. With the <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ADA</a> MVRV Ratio back under -22%, we could see another impressive rebound! <a href="https://t.co/ABf0mp4pR4" rel="noopener noreferrer nofollow">pic.twitter.com/ABf0mp4pR4</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1781237877671711060?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 19, 2024</a>
</blockquote>
&nbsp;
An MVRV ratio of -22% indicates that the market value of ADA&nbsp; is significantly less than its realized value. However, Ali Martinez notes the last time the coin was this undervalued was in June 2023, after which it rose by 75% in the next month.&nbsp;
Based on such historical price data, the crypto analyst predicts ADA could replicate a similar performance over the next few weeks, attaining a market price of $0.80, which would represent its highest value in the last year. At the time of writing, ADA trades at $0.46, with a 2.43% gain in the last hour. In a similar fashion, the token’s daily volume is up by 43.07% and $595.30 million.
<h2 id="strong-cardano-launches-new-era-of-decentralized-governance-strong">Cardano Launches New Era Of Decentralized Governance&nbsp;</h2>
In other news, the Cardano network is set to commence a new era in decentralized governance, according to an <a href="https://x.com/F_Gregaard/status/1780924554526753273" target="_blank" rel="noopener noreferrer nofollow">announcement</a> by the CEO of the Cardano Foundation, Frederick Gregaard. In an X post on April 18, Gregaard stated the full constitution for this change in government “is on the horizon,” with an interim constitution now going into effect.
According to the Cardano Foundation boss, the interim constitution emphasizes core network values such as transparency, openness, and responsible decision-making. It aims to grant each ADA holder an influence in determining the future of the Cardano ecosystem via an inclusive government in which all stakeholders are privileged to certain rights and responsibilities as listed in the constitution.&nbsp;

Analyst Predicts Cardano (ADA) To Rally By 75% As MVRV Ratio Plummets

Table of Contents

NewsBTC

Other articles published on Apr 20, 2024

An Overview Of The Inter-Blockchain Communication (IBC) Protocol

Exploring the Impact of Bitcoin’s Recent Halving on Its Market Dynamics

GATE Token Crypto Is Falling; What Next In Upcoming Sessions?

Current Trends in Cryptocurrency Markets Post-Bitcoin Halving

Injective Protocol Enhances Token Economy with Deflationary Measures

What makes this Bitcoin halving so special anyway?

Join our free newsletter for daily crypto updates!