Crypto Analyst, thinks the token might be gearing up for another price surge, similar to the one we saw from November 2020 to August 2021. He looked at past trends and predicts this rally could start in April 2024 and peak in January 2025.
Cardano has been doing well lately, with a 3.19% increase in the last day and a 12.8% gain over the past week. Another analyst also believes Cardano is a top choice for the next bull run. Whether Ali’s prediction comes true remains uncertain, but ADA definitely has the potential for a big jump in value.
Analyst Predicts Cardano’s Potential Price Surge to $8
The #Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating $ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! pic.twitter.com/HuVAxFEg9Y
— Ali (@ali_charts) February 15, 2024
Historical Parallels and Predictions: Market analyst Ali Martinez has set an ambitious price target of $8 for Cardano (ADA) by January 2025. This forecast is based on Martinez’s observation of historical parallels in ADA’s price movements, particularly between late 2018 and November 2020.
Three-Trendline Channel and Breakout: During this period, ADA adhered to a well-defined three-trendline channel for approximately 21 months, fluctuating between a low of $0.0177 and a high of $0.1069. The top trendline acted as a strong resistance, capping price advances beyond $0.10, while the bottom trendline provided support, preventing dips below $0.017.
Breakout and Upward Momentum: In July 2020, ADA experienced a breakout above the top trendline after weeks of consistent gains. This breakout propelled ADA to a high of $0.1546. Despite encountering resistance at this level, ADA retraced its price and retested the previously breached top trendline, which now acted as support.
Surge to All-Time High: Following repeated retests of this newfound support, ADA initiated a significant surge in November 2020, leading to sustained momentum that ultimately drove the token to its all-time high of $3.1 in September 2021.
Continuation of Analyst’s Prediction for Cardano (ADA) to Reach $8
Analyst Ali continues to support his earlier prediction of Cardano reaching $8, suggesting that the current market cycle might be following a similar pattern. From September to December 2023, ADA demonstrated behavior reminiscent of the previous cycle, operating within a three-trend line channel.
During this period, ADA maintained a three-trend line channel, with the bottom line preventing drops below $0.2394 and the top line acting as resistance at $0.4617. In December 2023, ADA experienced a breakout from this channel, mirroring the 2020 scenario.
However, similar to the 2020 pattern, a January price slump occurred, leading to a retest of the top trendline. This retracement aligns with the historical pattern observed in the previous cycle.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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