Cardano (ADA) may be going through low cost action At the moment, however, analyst Ali Martinez believes crypto may be poised for a parabolic run. Taking to social media platform X, Martinez talked about the complex pricing analysis that ADA investors will find attractive.
In particular, the analyst noted that the current price of the cryptocurrency is forming signs of a comeback, According to its price history.
Cardano price history shows signs of a comeback
Cardano has been priced On the way to improvement It peaked at $0.79 in mid-March. Interestingly, the current price level means that the cryptocurrency has recovered more than 40% from this peak.
This has led some investors to worry about ADA’s price movement for the rest of the year, especially given the various volatility concerns and other concerns surrounding cryptocurrencies. However, according to Martinez, this cycle is normal for cryptocurrencies.
Prominent analysts judge the ADA based on its historical trends. According to the 1M ADA/USD timeframe chart shared by Martinez, the 50% price drop ADA recorded last month could be a golden opportunity for crypto investors to position themselves for a price rally.
Given ADA’s price history, this could be a temporary setback before the next rally. Similar price action occurred between 2019 and 2020 before reaching new all-time highs in 2021.
Total crypto market cap currently at $2.29 trillion. Chart: TradingView
After breaking out of the consolidating channel in 2020, ADA rose 75% and then corrected by 56% in three months. This correction was soon forgotten as ADA climbed higher and took a 4,095% bull run to its current all-time high of $3.09.
As Martinez noted, a similar price action appears to be playing out. ADA recently exited a consolidated channel that lasted almost all of 2023. This break above the channel marked ADA’s 72% rise before its recent correction.
If history repeats itself, the ADA will likely start a parabolic run in May and reach new highs in the coming months. Martinez predicts a 2,480% increase in the price to $9.98 over the next nine months.
History doesn’t repeat itself, but it often rhymes!
If there is a case for #CardanoRealizing that the recent price correction may be one of the last buy-the-dip opportunities, we should position ourselves for what is to come. $ADA will give you pic.twitter.com/wlKs7fNhb8
— Ali (@ali_charts) 3 May 2024
What to Expect in Cardano’s Next Bull Run
It is important to note that the crypto market has evolved significantly since 2021 and crypto assets have become less volatile, especially during uptrends. Many things have to be done Place in order for the $9 ADA price to materialize.
For example, there must be one Comprehensive income and mainstream adoption of cryptocurrencies. According to Crypto Predictions website Telegaon, Cardano may reach the $9 price level by the end of the decade.
Martinez believes the recent price correction could be one of the last buy-the-dip opportunities for investors to get on ADA. At the time of writing, ADA is trading at $0.4638 and is down 1% in the last 24 hours.
Featured image from Pexels, charts from TradingView
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