Cardano (ADA), ranked 8th by market value, has seen a decline after a peak last year, causing investor concern. However, prominent analyst Ali Martinez offers a reassuring analysis, predicting ADA could surpass $7 in the next bull run. Martinez notes ADA’s price chart resembles its 2020 trend, suggesting a potential rise to the $7 target. ADA had previously soared to an all-time high of $3.10 in September 2021, following a massive drop during the COVID-19 pandemic.
Martinez’s deeper examination reveals Cardano’s current consolidation phase mirrors a past pattern that led to a roughly 3000% price increase in 2021. He suggests ADA could experience a 1300% surge from its current level of $0.49. Historical patterns indicate ADA might see an upward price movement in about three months, potentially reaching $0.80 before a possible pullback to $0.60, and eventually climbing towards $7.
About nine days ago, on January 10, Martinez highlighted a buying signal on the Cardano price chart, noting ADA reaching the Fibonacci 0.618 retracement level. This signal could propel ADA past the $0.55 resistance towards potentially higher targets of $0.69 and possibly even $0.93.
Despite the optimism, ADA has struggled to overcome resistance levels due to significant recent declines, falling below the $0.50 mark. ADA’s value has dropped over 4% today to $0.049, with monthly losses exceeding 15%, a substantial figure for recent investors.
Following the latest downturns, ADA’s market value has decreased to $17.3 billion. Nonetheless, there has been an incredible 50.71% increase in trading volume, reaching $427.28 million. ADA’s price had surpassed $0.62 at the end of last year, reaching a one-month high in the final week of 2023.
