Analyst Ali Martinez is doubling down on his projection of Cardano (ADA) becoming a $7 asset in the anticipated bull, citing a potential 1,767% gain following its consolidation breakout.
In recent weeks, Cardano has continued to struggle around the $0.50 range, often losing the psychological threshold. Over the past week, ADA has registered a 7.16% decline, hitting a low of $0.4875.
However, market watchers are becoming increasingly more confident about Cardano’s impending bullish trajectory. One such confident market observer is renowned analyst Ali Martinez.
The foundation of the confidence is ADA’s present candlestick patterns mirroring past pre-bull dynamics.
How Cardano’s Past Pre-bull Cycle Looked
In a recent update on X, Martinez reiterated the resemblance between Cardano’s ongoing consolidation phase and the periods observed in late 2018 and 2020.
Specifically, Martinez revealed that ADA remained in the accumulation periods for approximately 805 days. During this, the asset traded within the range of $0.034 to $0.08.
Eventually, Cardano surmounted the protracted consolidation phase to claim an all-time high of around $3.
Martinez’s chart indicates ADA grew by 3,217% following the bullish breakout. In addition, data confirms that the asset’s bullish days lasted approximately 287 days.
ADA Set for 1,767% Gain
The analyst noted that ADA is now trading with a similar consolidation phase, projecting the consolidation to end by April, equating to 574 days in accumulation. Martinez anticipates a forthcoming rally for Cardano following a successful breakout from the consolidation phase.
In particular, it foreshadows the trajectory the asset could cart, drawing inspiration from the ADA’s 2021 bull run candlestick patterns with a target of similar 287 days of bull rally.
Moreover, the chart aims for a peak point for Cardano at $7.919, highlighting a potential gain of 1,767.67%. Notably, the analyst suggested ADA could attain this lofty height by January 2025, as it expects a bearish rally to commence immediately afterward.
Significantly, this recent update from Ali Martinez marks at least the second instance he has called attention to ADA’s potential to reach a $7 valuation. Besides, Martinez is not alone in his bullish forecast. Other analysts have set their sights on an $11 Cardano.