According to renowned crypto analyst Ali Martinez, Cardano (ADA) appears poised to replicate historical price movement that saw the crypto asset attain tremendous price highs.
Notably, Cardano (ADA) started showing a glimpse of escaping the bear stronghold in the past seven days, which might have prompted Ali’s watchful observation that pointed out its tendency to replicate previous market trends.
Read Also: Top Crypto Analyst Predicts Cardano (ADA) Surge To $1, But There Is A Catch
CoinGecko data revealed that the digital asset is priced at approximately $0.51, indicating a 4.2% decline in the last 24 hours.
Nonetheless, the last seven days saw the token record maximum and minimum prices of approximately $0.62 and $0.48. The disparity in its highest and lowest prices explains the earlier assertion about ADA gradually crawling out of the bear stronghold.
Citing historical movement between 2018 and 2020, Ali concluded that if Cardano (ADA) sustains its current price movements, it could completely replicate the previous trend by April 2024.
According to the market watcher, intervals between 2018 and 2020 were periods of ADA’s consolidation. Its prices within the said period got trapped between $0.028 and $0.1495.
Meanwhile, Ali’s shared chart indicated that the 2018 to 2020 market cycle lasted 665 days before ADA could record any significant breakthrough.
Notably, the breakout recorded following the cycle’s completion catalyzed the rally that saw ADA surge to attain a $3.1 price all-time high (ATH) in September 2021.
Comparing ADA’s current trend with previous price actions, Ali noted that it is trapped between a $0.2353 price low and a $0.5989 price high. He added that he envisions the cycle to be completed around April 15, citing a similar 665 days from the previous trend.
In a nutshell, Ali’s assertion implies that Cardano (ADA) will remain in a consolidation phase until the cycle is complete. This signifies that there might be no hope for short-term investors to make remarkable profits except if something drastic happens.
Read Also: Cardano 2024 Price Outlook: Experts’ Bullish Predictions For ADA
Remarkably, the approval of a spot Bitcoin Exchange Traded Fund (ETF) product by the United States Securities and Exchange Commission (SEC) might be a potential trigger for ADA’s spike before the cycle’s completion.
Meanwhile, according to other top market analysts, Cardano (ADA) appears primed for considerable price increments in 2024. Among the analysts projecting bullish runs for the digital asset is Turner, the host of the popular YouTube channel Coin Bureau. He predicted a rise to $1, citing developments in the Cardano ecosystem.
LuckSide, a renowned YouTuber and analyst, also commented on ADA’s price trajectory for 2024. The analyst noted that he envisages Cardano to reach a $0.70 price mark. However, he stated that a drop to $0.40 is also possible.
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