In recent months Cardano There have been a number of positive developments for the (ADA) ecosystem. Work on the Plutus v1 and v2 networks has led to an increase in the number of new smart contracts on the blockchain.
However, ADA has experienced a cumulative price increase of more than 100% over the last 52 weeks. But it also saw a few brief but significant swings.
Leading crypto expert Ali Martinez published an analysis on X. According to the analysis, ADA is poised for another significant rally with an upside potential of more than 150%.
Cardano is Preparing for Another Big Rally
According to Martinez’s analysis, ADA’s price chart is very similar to the token’s performance between 2018 and 2021.
The cryptocurrency started 2018 at a relatively high price after its launch in 2017. However, the rally lost momentum throughout the year and ADA fell to $0.04 in December. But in the following years, Cardano accumulated and in September 2021, it approached its all-time high of $3.
Based on the historical pattern, ADA will trade in a range of $0.55 to $0.80 in the coming weeks, Martinez noted. Additionally, it may rise to $1.70 later. predicts.
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
— Ali (@ali_charts) March 16, 2024
The crypto expert also predicts that Cardano will be heading for another rally if such a scenario occurs. This time towards the all-time high of $5.
Cardano Price Chart
Cardano’s performance in recent months has been characterized by brief and significant rallies followed by moderate corrections and accumulation periods where the token has risen more than 100% over 12 months and a total of 10.85% to date (YTD).
Additionally, while ADA is up 9.24% in the last 30 days, the most recent performance has seen a decline for the token. In this context, it showed an increase of 11.48% in red on the weekly chart and a relatively small increase of 0.65% in the last 24 hours of trading. Cardano’s price is at $0.67 at the time of writing.
