While the cryptocurrency market has been volatile lately, investors are curious about the future of popular altcoins like Cardano (ADA) and Polygon (MATIC). According to analyst Ali Martinez, ADA has the potential to repeat its 2018-2021 performance. So there is a risk of rising up to $5. However, there is also a risk that MATIC could fall below $1. In this article, we will examine Martinez’s technical analysis for ADA and MATIC. We will also cover near-term price predictions for both altcoin projects.
Analyst explains his expectations for altcoin ADA
According to analyst Ali Martinez, Cardano (ADA) has the potential to repeat its 2018-2021 performance in this cycle. Therefore the price rises to $5. Martinez mentioned this in a March 16 post on X. However, the analyst explained that ADA may consolidate between $0.55 and $0.80 for a while. After that, he noted, the price could jump to $1.70 before another period of consolidation, heralding a rise towards $5.
cryptokoin.com As we reported, Cardano, like most altcoins, has fallen in value. As of the time this article was written, the coin was trading at $ 0.65. That implied that the cryptocurrency had lost 7.91% of its value in the last day. Between March 15-16, ADA attempted a steady rise. However, resistance at $0.73 put an end to this effort. But that wasn’t the real issue that triggered the ADA’s decline. According to the 4-hours chart of ADA/USD, a clear break below $0.70 was the biggest pullback that caused ADA price to decline.
Martinez also identified critical targets for Polygon
Another token that Martinez focused on was Polygon (MATIC). At the time of writing this news, the price of MATIC had fallen by 8.02% in the last 24 hours. This left the value at $1.04. Using on-chain data from IntoTheBlock, the analyst explained that MATIC may have found support between $1.02 and $1.05. He added that the support was a result of 608 million tokens purchased by 10,900 addresses in that region.
However, Martinez underlined that if the bulls fail to defend the above-mentioned support, MATIC price could drop to $0.91. According to the analyst, the Supertrend indicator on the MATIC/USD 4-hour chart gave a sell signal at $1.17. However, the buy signal at $1.16 failed to hold up as the bears forced the price much lower. At the time of writing, the bulls were trying to find immediate support near $1.03. However, failure to withstand further downward pressure could trigger additional downside for MATIC. In such a case, the price of the token may drop to $0.92.
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