Cardano (ADA) Analyst Predicts Unprecedented Rally
Crypto analyst Ali Martinez has observed that Cardano (ADA) is poised for a remarkable surge. The current price action indicates that Cardano is entering a period of consolidation, corresponding to a moderate decline in the broader cryptocurrency market.
“Nevertheless, the analyst is of the opinion that Cardano’s current consolidation is similar to one it had prior to a 2980% increase. If previous events are any indicator, we could see Cardano mirror this move and spike past its all-time high,” Martinez stated.
Recent Cardano Price Movement
Over the past 30 days, Cardano has seen a 48.47% increase, but has experienced a 7.21% dip in market value over the last 24 hours, currently trading at $0.372. Chart analysis by Ali Martinez suggests that the current consolidation phase resembles the 2018-2020 consolidation, excluding the COVID-19 crash.
“Following the conclusion of this phase, Cardano witnessed price surges in the first quarter of 2021, one of which was a price surge of nearly 100% in seven days in early February 2021. This marked the beginning of a prolonged bullish run that drove Cardano’s price up by more than 2980% and brought it to its current all-time high of $3.10 in September 2021,” Martinez explained.
“#Cardano‘s current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash! If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December,” tweeted by Ali.
According to Martinez, if a strong price spike were to occur now, ADA could break past $0.45 by the first week of December, with the next target being $0.75 by late December.
“The journey to this price level is certainly not going to be a smooth one. ADA is going to face major resistance at the $0.45 level, which it has to break through to start with. This won’t be easy, as the coin has already tried and failed to break through this barrier in April,” Martinez noted.
Among other factors, the analyst highlighted that for Cardano to mimic the 2021 bull run, the overall crypto market sentiment would need to remain at a very strong bullish and greed level. Additionally, interest in altcoins would have to increase, and Cardano’s advancements on key milestones like smart contracts and DeFi would need to drive hype.
ADA trending at $3.7 | Source: ADAUSD on Tradingview.com
Image source: Forbes, chart source: Tradingview.com
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