Cardano Comeback: Analyst Reveals Why It’s Time To Get Back Into ADA
05 Mayo 2024 - 8:00AM
NEWSBTC
Cardano (ADA) might be going through a lackluster price action at
the moment, but analyst Ali Martinez believes the crypto might be
gearing up for a parabolic run. While taking to social media
platform X, Martinez talked about an intricate price analysis that
ADA investors might find appealing. Related Reading: Is MATIC
Poised For Takeoff? Key Area Breaks Records, Fueling Bullish
Outlook Particularly, the analyst noted that the cryptocurrency’s
current price formation is showing signs of a comeback, according
to its price history. Cardano Price History Shows Signs
Of Comeback The price of Cardano has been on a correction path
since the middle of March when it peaked at $0.79. Interestingly,
current price levels means that the cryptocurrency has corrected
over 40% from this peak. This has led to concerns from some
investors about the ADA’s price trajectory for the rest of the
years, particularly considering different inactivity concerns and
others surrounding the cryptocurrency. However, according to
Martinez, this cycle is normal for the cryptocurrency. The renowned
analyst’s take on ADA is based on its historical trend. According
to the 1M ADA/USD timeframe chart shared by Martinez, the 50% price
drop ADA recorded in the past month could be a golden opportunity
for crypto investors to position themselves for a price
surge. Looking at ADA’s price history shows this may just be
a temporary setback before the next rally. A similar price action
played out between 2019 and 2020 before the surge to new all-time
highs in 2021. Total crypto market cap currently at $2.29 trillion.
Chart: TradingView After breaking out of a consolidating channel in
2020, ADA went on a 75% surge and then corrected by 56% over three
months. This correction was soon forgotten as ADA bounced up and
went on an impressive 4,095% bull run to reach its current all-time
high of $3.09. As Martinez noted, a similar price action seems to
be playing out. ADA recently broke out of a consolidating channel
which played out for almost the entirety of 2023. This break above
the channel saw ADA performing a 72% surge before its recent
correction. If history were to repeat itself, ADA might kickstart a
parabolic run in May and push up to new highs in the coming months.
Martinez predicted a 2,480% price surge to $9.98 within the next
nine months. History doesn’t repeat itself, but it often
rhymes! If that is the case for #Cardano, we should be positioning
ourselves for what’s coming, understanding that the recent price
correction might just be one of the last buy-the-dip opportunities
$ADA will give you. pic.twitter.com/wlKs7fNhb8 — Ali (@ali_charts)
May 3, 2024 What To Expect In Cardano’s Next Bull Run It is
important to note that the crypto market has evolved significantly
since 2021 and crypto assets have become less volatile, especially
during uptrends. Many things have to be put in place in order for a
$9 ADA price to become a reality. For instance, there needs to be a
wider inflow and mainstream adoption of cryptocurrencies. According
to crypto prediction website Telegaon, Cardano could reach the $9
price level by the end of the decade. Related Reading: PEPE
Primed For A Big Leap: 80% Price Increase Incoming? Martinez
believes the recent price correction might actually be one of the
last buy-the-dip opportunities for investors to get on ADA. At the
time of writing, ADA is trading at $0.4638 and is down by 1% in the
past 24 hours. Featured image from Pexels, chart from TradingView
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