Fri, 3/05/2024 – 15:54
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Renowned crypto analyst Ali Martinez says a 4,000% rally might be on the horizon for Cardano (ADA). The analyst’s optimistic forecast follows recent price increases for ADA.
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ADA repeating historical trend
In an X post, Martinez emphasized that ADA’s current price movement follows historical patterns. The analyst claims that a 50% drop in the price of the cryptocurrency in the past month could be a golden opportunity for ADA, citing observations from historical patterns.
As a reminder, Martinez pointed to 2019, when Cardano consolidated in a parallel channel, marking the conclusion of the bear market. According to the analyst, ADA eventually broke out of the channel after the stagnant period, increasing by 75%. Subsequently, the cryptocurrency experienced a 56% price correction, laying the foundation for an amazing 4,095% bull market.
According to the analyst, this trend resembles ADA’s 2023 price movement. He highlighted that ADA broke out of a parallel channel with a 72% increase and is now undergoing a 50% price correction. Given this trend, the analyst is optimistic that ADA could be on the move toward a 4,000% rally.
While the analyst noted that history does not repeat itself, he says it often aligns. He concluded that ADA’s recent price correction might be one of the last buy-the-dip opportunities the cryptocurrency will give investors.
What’s next for ADA?
As of the latest CoinMarketCap data, ADA is trading at $0.4627, demonstrating a price increase of 1.86% in the past day.
The market cap also increased by 1.9% to $16.5 billion. However, the trading volume decreased by 26.4% to $333 million, suggesting reduced selling pressure from investors.
The $0.5 mark remains a critical barrier that is both a technical and psychological pivot point. Given its recent performance, surpassing this level could signal a bullish outlook for ADA.
