Analyst Reveals Why It’s Time To Get Back Into ADA

Cardano (ADA) may go Through lackluster price movements Not yet, but analyst Ali Martinez believes cryptocurrencies could be poised for a parabolic rally. While highlighting social media platform X, Martinez talked about the complex price analysis that ADA investors will find appealing.

In particular, analysts pointed out that the current price formation of virtual currencies shows the following trends. signs of comeback, According to price history.

Cardano price history shows signs of revival

Cardano price is on a corrective trajectory Since its peak of $0.79 in mid-March. Interestingly, the current price level means the cryptocurrency has corrected more than 40% from this peak.

This has led to concerns from some investors about ADA’s price trajectory for the remaining years, especially in light of various inactivity concerns and other concerns surrounding the cryptocurrency. However, according to Martinez, this cycle is normal for cryptocurrencies.

Prominent analysts’ views on ADA are based on its historical trends. According to the 1 million ADA/USD timeframe chart shared by Martinez, the 50% price drop that ADA recorded last month could be a great opportunity for crypto investors to see a price surge.

Looking at ADA’s price history, this could just be a temporary pullback before the next rally. A similar price trend played out from 2019 to 2020, before hitting a new all-time high in 2021.

Total crypto market cap currently at $2.29 trillion. Chart: TradingView

After exiting the consolidation channel in 2020, ADA soared 75% and then corrected 56% in the following three months. This correction was quickly forgotten as ADA rebounded and mounted an incredible 4,095% bull run to reach its current high of $3.09.

As Martinez pointed out, similar price movements appear to be occurring. ADA recently broke through a consolidation channel that lasted for almost the entirety of 2023. Breaking above this channel, ADA posted a 72% surge before the recent correction.

If history repeats itself, ADA could begin a parabolic rally in May and reach new highs in the coming months. Martinez predicted the price would rise 2,480% to $9.98 over the next nine months.

What to expect from Cardano’s next bull market

It is important to note that the crypto market has evolved significantly since 2021, making crypto assets less volatile, especially during uptrends. many things must be done A $9 ADA price should be introduced to become a reality.

for example, wider inflow and the mainstream adoption of cryptocurrencies. According to a virtual currency prediction site Telegaon, Cardano could reach the $9 price level by the end of this decade.

Martinez believes the recent price correction may actually be one of the last bull-buying opportunities for investors to ride ADA. At the time of his writing, ADA is trading at $0.4638, down 1% in the past 24 hours.

Featured images from Pexels, charts from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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