A prominent market analyst has outlined the potential trajectories that Cardano (ADA) might follow in the coming weeks, projecting a substantial growth of 1,300% to $7.
The prevailing bearish trend in the crypto market has exerted considerable pressure on Cardano. This has resulted in a decline of over 14% since the previous week.
In the past 24 hours, ADA has experienced a notable drop from a peak of $0.5242 to a low of $0.4889, reflecting a decrease of 6.73%. Cumulatively, Cardano has seen an overall drop of 18.07% over the last 30 days.
Nonetheless, ADA’s market chart has exhibited a pattern reminiscent of a previous cycle, hinting at the possibility of a substantial bull run soon.
Renowned chartist Ali Martinez called attention to the pattern in a recent post on X. Martinez asserted that Cardano’s current consolidation or accumulation phase closely resembles its behavior in late 2020.Â
Significantly, in November 2020, ADA sold at $0.09699. And by March 2021, it had undergone substantial growth of over 1,200%, reaching $1.3.
According to Martinez, if historical trends repeat, ADA has the potential to resume its upward trajectory around April. He noted the projected continuation of this pattern could result in an upswing toward $0.80.Â
Cardano to $7
Despite the optimistic outlook, the analyst acknowledged that the journey toward the $1 range for ADA might encounter bumps. In particular, he outlined the possibility of a brief correction to $0.60.Â
Furthermore, to support his analysis, Martinez shared a chart foreshadowing ADA’s progression toward the $1 threshold.
Martinez asserted that the pattern could make Cardano a pricey $7 asset. Should this value materialize, it translates to ADA growing 13-fold or 1,300% increase from its current price of $0.4999.
Notably, the forecasted pattern suggested that this $7 projection may not materialize this year.
Significantly, Cardano had initiated a bullish trajectory earlier when it surged by over 200% from $0.24 in October 2023 to $0.6665 in December 2023.
Besides, more market analysts have also projected ADA resuming its uptrend, drawing insights from its historical patterns.Â
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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