Cardano (ADA), which often attracts attention in the cryptocurrency world, has recently become the focus of analysts. In this regard, cryptocurrency analyst Ali Martinez claimed that Cardano may witness sharp increases in the coming period. According to Martinez’s analysis, the altcoin is currently preparing for a parabolic bull run.
Martinez’s to his prediction Cardano may have experienced serious declines recently, but this situation has actually created an opportunity for ADA. The recession following the recent declines has the potential to start a new bull run for ADA, according to Martinez.
In particular, Martinez pointed out how Cardano has reacted in similar situations in the past. Martinez highlighted that Cardano saw a correction of over 50% in 2020 before embarking on a vertical rally.
“In 2019, Cardano consolidated in a parallel channel, signaling the end of the bear market. Following the steady phase, ADA broke out of the channel with a 75% rise, followed by a 56% price correction, setting the stage for an impressive 4,095% bull run.”
Stating that in recent years, Cardano entered parabolic rallies after significant price corrections, Martinez suggested that a similar scenario could develop this time. Pointing out that, based on past data, ADA is currently preparing to enter a parabolic uptrend, Martinez states that this could be a positive development for investors.
“Something similar to 2023 happened recently! Cardano ended the bear market by consolidating in a parallel channel. After this period of stagnation, ADA broke out of the channel with a 72% increase. Now ADA has undergone a 50% price correction, paving the way for an impressive bull run!”
According to the chart he shared, the analyst seems to predict that Cardano will gain approximately 2,080% from current levels. The popular altcoin is trading at $0.47 at the time of writing.
In addition, Martinez also shared his views on the leading cryptocurrency Bitcoin. According to Martinez, the Tom DeMark (TD) Sequential indicator is giving a bullish signal for the crypto king.
“TD Sequential is offering a buy signal on the Bitcoin daily chart. “One to four candlestick recoveries per day are expected for BTC.”
TD (Tom DeMark) Sequential is an indicator used in technical analysis and aims to provide signals about trend changes and reversals by analyzing price movements. Based on TD Sequential principles, the number 13 indicates a pause, pullback, or reversal in the current trend. A reversal point is indicated when nine consecutive candles close lower than the candles of the previous four periods.
At the time of writing, Bitcoin is trading at $62,750, up over 6% in the past day.
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