Crypto analyst Ali Martinez believes that Cardano (ADA), the 8th largest cryptocurrency by market cap, has the potential to pull off a 2,900% bull run in 2024, similar to its rally in 2020-2021.
Ali points to the fact that ADA has been consolidating for the past 329 days, which is similar to the period of consolidation that preceded the 2020-2021 bull run. He believes that this consolidation could be a sign that ADA is building up strength for a major breakout in 2024.
#Cardano | Between 2018 and 2020, $ADA oscillated between $0.10 and $0.028 for 665 days. Then? A whopping 2,985% bull run took off after this long accumulation phase.
Fast forward to now, $ADA seems trapped in the $0.46 to $0.24 range, already for 329 days. If history and price… pic.twitter.com/tvzf7VMIsk
— Ali (@ali_charts) August 14, 2023
Read Also: Crypto Capital Venture Founder: Cardano (ADA) Will Probably Hit $10 a Lot Sooner than Most Think
Ali’s prediction is in line with that of other analysts, who have also pointed to the potential for a major bull run in ADA in the next few years. Crypto Capital Venture founder Dan Gambardello predicted that the minimum all-time high for ADA in the next bull cycle might be $7.80. This would represent an almost 2,400% increase from the current price of ADA.
In addition to the technical analysis, there are also a number of fundamental factors that could support a bull run of ADA in 2024. The Cardano ecosystem is constantly growing, with new projects being launched. The network is also expected to see significant upgrades in the coming years, which would serve as a fundamental factor for a bright future in terms of price.
The accumulation of ADA by whales and sharks is also a positive sign for the long-term outlook of the cryptocurrency. This suggests that large investors are confident in the future of ADA and are accumulating ADA tokens in anticipation of a major price rally.
🐳 Trader sentiment toward #Cardano continues to be low as its market cap is down 35% since topping 4 months ago. However, the sharks & whales haven't been as deterred as one may think. There are now 25,294 wallets with 100K+ $ADA, the most in 16 months. https://t.co/Q5XKveRh5n pic.twitter.com/D0dcfM6LAy
— Santiment (@santimentfeed) August 14, 2023
Overall, the technical analysis and fundamental factors suggest that Cardano is poised for a major bull run in 2024.
However, it is important to remember that the cryptocurrency market is volatile and somewhat unpredictable. Investors should always do their own research before investing in any cryptocurrency.
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