The downward trend in the general market this week, Cardano It caused its price to drop by approximately 9% in the last 24 hours. Notably, this decline began with the impact of ADA attempting to surpass the $0.8 level earlier this month and a new wave of FUD emerging in the project’s community.
However, these negative developments are unlikely to keep Cardano’s price at low levels for long, according to a new analysis by veteran analyst Ali Martinez based on the cryptocurrency’s price history. looks. According to Martinez, Cardano’s current price movements follow a similar pattern observed between 2018 and 2021.
So far, #Cardano resembles the pattern observed from 2018 to 2021.
Should this fractal continue, anticipate $ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting… pic.twitter.com/46LIp2hkMx
NEWS CONTINUES BELOW— Ali (@ali_charts) March 16, 2024
During this period, Cardano price consolidated between $0.025 and $0.1 before a breakout that started in late 2020, where it hit an all-time high of $3.10. The analysis shows that ADA is currently trading similarly to the period before the breakout in the previous market cycle.
In this case, Martinez predicts Cardano will continue its consolidation between $0.55 and $0.8 in the coming weeks. Later, cryptocurrency The unit may experience a major breakout that will increase its value to $1.7.
Martinez adds that another phase of consolidation can be expected after Cardano reaches the $1.7 level, which could trigger a higher uptrend in which ADA could occasionally reach $5 by the end of 2024.
Cardano’s recent price correction may have caught many people off guard. However, it should be noted that Ali Martinez correctly predicted this decline and made predictions about it earlier this month when the price was rising.
In the coming days, we will see how accurate the bullish predictions are. If the predictions come true, calls that Cardano could reach $5 or even $10 could gain even more importance and bring huge profits to ADA holders.
Meanwhile, Cardano is currently trading at $0.6195. However, this shows that the cryptocurrency is far from other bullish predictions, which predicted it would reach double digits in the next few years.
Source : The Crypto Basic