Crypto analyst Ali Martinez has made a long-term price prediction for Cardano (ADA), suggesting a significant increase, albeit after some potential short-term decline. The price of ADA has recently been on a downward trend, falling by 4.2% in the past 24 hours and 16.7% over a larger timeframe. Despite a brief bullish period yesterday, most of the gains have been lost, with the cryptocurrency now trading at $0.5079, indicating ongoing consolidation.
Martinez has drawn parallels between Cardano’s current consolidation and its 2018-2020 phase, suggesting that this could be laying the groundwork for a strong bull run. Cryptocurrencies often repeat previous price actions, and Martinez’s technical analysis of ADA suggests that its current consolidation is similar to a previous phase that led to a 2,980% price surge.
Between 2018 and 2020, ADA consolidated for 665 days before surging to reach its current all-time high of $3.058. If this pattern repeats, ADA could continue to consolidate around its current level until April, after which a 2,980% price surge from the current price would put a price target around $15.
Cardano experienced a price surge in the last quarter of 2023, similar to a surge in July 2020. This resulted in a 173% gain from $0.2435 in October to a yearly high of $0.6655 in December. However, the cryptocurrency has been declining since then, with a recent larger decline among altcoins contributing to the decrease.
On-chain data shows that 47.45% of ADA addresses are currently making a profit. Martinez’s technical analysis suggests that this number could stall until at least April. For long-term ADA believers, the current consolidation presents an opportunity to increase their holdings in anticipation of the next bull run.
Cardano remains one of the most actively developed blockchain ecosystems, with a new report showing that its development activity has outpaced that of Ethereum and Avalanche in the past 30 days. Coupled with other bullish market factors, such as the potential approval of Spot Bitcoin ETFs in the US, ADA could experience a sustained price surge before April.
Disclaimer: This article is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments. Investing carries risks, and you are advised to conduct your own research before making any investment decisions. Use the information provided entirely at your own risk.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Ali Martinez |
| Companies | Ethereum, Avalanche, Tradingview.com, The Economic Times, IntoTheBlock |
| Currencies | Ethereum, Avalanche, Cardano, Bitcoin |
| Securities | None |
