Crypto analyst Ali Martinez has provided a bullish narrative for Cardano (ADA) based on a historical pattern. According to him, the crypto token could hit a new all-time high if this pattern were to continue.
Cardano Could Rise To As High As $7 In a post on his X (formerly Twitter) platform, Martinez shared an analysis of how ADA could run to $7. The analyst highlighted the fact that ADA’s current consolidation phase was mirroring its “late 2020 behavior.” and that the crypto token could hit that price level if history repeats itself. He elaborated on how ADA’s price movement could turn out on its way to $7.
#Cardano‘s current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP
— Ali (@ali_charts) January 19, 2024
The crypto analyst predicts that ADA could resume its upward trend around April. This “pattern continuation could then potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7,” Martinez further claimed. Late 2020, which he referred to, happens to be a historic period for ADA as the crypto token made a recovery of over 2,900%, which ran into 2021.
Interestingly, the analyst behind the Crypto ZX YouTube channel had recently alluded to this period while suggesting that 2024 could be another breakout year for ADA. He noted how the crypto token had made such significant gains back then after about two years of consolidation. This happens to be similar to what has happened with ADA so far.
Cardano currently trading at $0.514815 on the daily chart: TradingView.com Dan Gambardello, the founder of Crypto Capital Venture, also drew similarities with the 2020 pattern when he predicted that ADA was going to explode soon enough. He even suggested that the parabolic move could happen faster this time around as he stated that ADA’s road to the “bull market doors” seems to be faster than in 2020.
Taking A Further Look At The Crypto On The Charts Gambardello shared his most recent analysis of ADA in an X post. He highlighted an ascending triangle pattern that was still forming on the charts. Speculating on a potential move, he predicts that ADA could rise to $1 on the bullish side or drop between $0.33 and $0.33 if it turns out to be a bearish move.
CARDANO Critic Says To Sell ADA! (Crypto Holders BEWARE!)
Intro 00:00
Cardano critic attacks 00:15
Cardano structure 5:15
Short term ADA targets 7:20
The Cardano chart that matters 9:30
Bullish scenario 12:40 pic.twitter.com/3BIWTmKYJj
— Dan Gambardello (@cryptorecruitr) January 19, 2024
The crypto analyst also drew attention to a structure that he noticed in the four-hour timeframe. Based on the setup, which was playing out on the shorter-term scale, he hinted that the market was currently indecisive as ADA could either drop down to $0.36 or experience an upward move to $0.77.
Meanwhile, Gambardello looked to urge ADA holders not to be too concerned about the crypto token’s current price action as things could turn bullish in a twinkle of an eye. He stated that he wouldn’t still be concerned even if ADA were to drop below its current price level.
At the time of writing, ADA is trading at around $0.5, up about 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock
Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.